Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, with reference to the oral contribution of the Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy during the Twelfth sitting of the Public Bill Committee on the Economic Crime and Corporate Transparency Bill on Tuesday 15 November 2022, Official Report, column 397, whether she has made a recent assessment of the prevalence of limited partnerships (LP) owning assets in the context of reports of LPs owning oil tankers and other vessels.

My Department and Companies House closely monitor reports of potential misuse of corporate structures registered in the UK.

The Government is well aware of the risks around misuse of limited partnerships, which is why we acted through the Economic Crime and Corporate Transparency Act 2023 to introduce the biggest changes to limited partnership law since 1907. The reforms will crack down on the abuse of all UK limited partnerships, including requiring much more information on the partners and greater controls over their formation.