Tenant Farming and Agricultural Holdings
Latest News - Updated 31 August 2017
Change in law around Limited Partnerships
On 26 June 2017, changes were made to UK anti-money laundering measures to help prevent money laundering and terrorist financing. For the first time, Scottish Limited Partnerships (SLPs) and General Scottish Partnerships (SPs), where all the partners are corporate bodies, will need to identify and report information on the people who ultimately own and control them. This is known as the register of people with significant control.
These regulations provide a four week period for partnerships to investigate their ownership. From 24 July 2017, SLPs and SPs must start filing the required information with Companies House. This must be done within 14 days and any subsequent changes must be notified within 14 days. Partnerships must also confirm their information every year.
The Statutory Instrument which relates to these changes is available here:
Guidance for partnerships is available here: https://www.gov.uk/government/publications/guidance-to-the-people-with-significant-control-requirements-for-companies-and-limited-liability-partnerships
For a summary of the all the changes, please see the attached press notice from Companies House: https://www.gov.uk/government/news/changes-to-uk-anti-money-laundering-measures
Code of Practice - Amnesty on Tenants' Improvements
Scotland’s Tenant Farming Commissioner, Bob McIntosh, has issued the first Code of Practice - Amnesty on Tenants’ Improvements - to be followed by landowners, tenant farmers and land agents.
Land Reform (Scotland) Act 2016
The commencement regulation covering amnesty (compensation for tenant's improvements) came into force on 13 March 2017 and had a three month lead in period. The amnesty period commenced on 13 June 2017 and lasts for three years. The link to this regulation is here.
The Land Reform (Scotland) Act 2016 (Commencement No.5 and Transitory Provisions) Regulations 2017
The rent review provisions are one of the packages of commencement regulations planned for next year.
Rent Review Testing Work
Savilles have been awarded the contract for testing the new rent review system. The testing work on farms has now started.
Court of Session
The Outer House, Court of Session judgement for the court case McMaster and Others V Scottish Ministers was published on 21 March 2017.