Regulation 31M Schedule 1A

Paragraphs 1 to 24 of Schedule 1A apply to LLPs, modified so that they read as follows -

"Schedule 1A References to people with significant control over an LLP

Section 790C(3)

Part 1 The specified conditions

Introduction

1. This Part of this Schedule specifies the conditions at least one of which must be met by an individual ("X") in relation to an LLP ("LLP Y") in order for the individual to be a person with "significant control" over LLP Y.

Right to share in surplus assets on a winding up

2.

(1) The first condition is that X holds, directly or indirectly, the right to share in more than 25% of any surplus assets of LLP Y on a winding up.

(2) For the purpose of sub-paragraph (1), to the extent that the holding of a right to share in any surplus assets of LLP Y on a winding up is not expressly provided for, each member of the LLP shall be treated as holding the right to an equal share in any surplus assets on a winding up.

Ownership of voting rights

3. The second condition is that X ho

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