After section 10F of the Limited Partnerships Act 1907 (inserted by section 126 of this Act) insert—
(1)HMRC may by notice in writing require the general partners in a limited partnership to—
(a)prepare accounts in accordance with regulations made by the Secretary of State for the purposes of this paragraph;
(b)deliver those accounts to HMRC, together with—
(i)an auditor’s report prepared in accordance with regulations made by the Secretary of State for the purposes of this sub-paragraph;
(ii)such supporting evidence as may be required by regulations made by the Secretary of the State for the purposes of this sub-paragraph.
(2)A requirement under this section may specify—
(a)the period to which the accounts must relate;
(b)the form and manner in which the documents are to be delivered;
(c)the period within which they are to be delivered.
(3)HMRC may by notice in writing extend a period specified in a requirement under this section.
(4)If the general partners in a limited partnership fail to comply with a requirement under this section an offence is committed by each general partner who is in default.
(5)But where the general partner is a legal entity, it does not commit an offence as a general partner in default unless one of its managing officers is in default.
(6)Where any such offence is committed by a general partner that is a legal entity, or any such offence is by virtue of this subsection committed by a managing officer that is a legal entity, any managing officer of the legal entity also commits the offence if—
(a)the managing officer is an individual who is in default, or
(b)the managing officer is a legal entity that is in default and one of its managing officers is in default.
(7)A person guilty of an offence under this section is liable—
(a)on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both);
(b)on summary conviction—
(i)in England and Wales, to imprisonment for a term not exceeding the general limit in a magistrates’ court or a fine (or both);
(ii)in Scotland, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum (or both) and, for continued contravention, a daily default fine not exceeding one-fifth of the statutory maximum;
(iii)in Northern Ireland, to imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum (or both) and, for continued contravention, a daily default fine not exceeding one-fifth of the statutory maximum.
(8)A general partner or managing officer is “in default” for the purposes of this section if they authorise or permit, participate in, or fail to take all reasonable steps to prevent, the contravention.
(9)In this section “HMRC” means the Commissioners for His Majesty’s Revenue and Customs.
(10)Regulations under this section are subject to the affirmative resolution procedure.”
Commencement Information
I1S. 128 in force at Royal Assent for specified purposes, see s. 219(1)(2)(b)