AI Summary of 27. Beneficial owner in relation to partnerships.
The term "beneficial owner" in the context of a partnership refers to an individual who possesses significant entitlement or control over the partnership's resources. Specifically, this includes anyone who holds more than 25 per cent of the capital, profits, or voting rights, whether directly or indirectly.
Additionally, the definition encompasses individuals who exercise control over the partnership through other means. This broader scope is essential for ensuring compliance with regulatory requirements, particularly in areas concerning transparency and accountability.
27. Beneficial owner in relation to partnerships.
In this Part, "beneficial owner", in relation to a partnership, means any individual who -
(a) ultimately is entitled to or controls, whether the entitlement or control is direct or indirect, more than a 25 per cent share of the capital or profits of the partnership or more than 25 per cent of the voting rights in the partnership, or
(b) otherwise controls the partnership.