The Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017

UK Statutory Instrument 2017 No. 425 — creates 2 criminal offences.

2offences created

0recorded in force

0revoked

Made: 15 March 2017
In force from: 6 April 2017
Extent: Not stated
Subject: Miscellaneous
Made under: In accordance with section 17(4) of the Limited Liability Partnerships Act 2000, Limited Liability Partnerships Act 2000

Explanatory note

(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

These Regulations impose a reporting requirement on large limited liability partnerships in relation to their payment practices and policies and their performance by reference to those practices and policies. The substantive provisions of the reporting requirement are set out in the Reporting on Payment Practices and Performance Regulations 2017, which apply to companies that have exceeded certain size thresholds. These Regulations apply equivalent provisions to certain limited liability partnerships (regulation 3), with modifications to some of the wording so that the provisions reflect limited liability partnerships and their structure. The modifications are set out in regulations 4 to 10. These Regulations should be read in conjunction with section 3 of the Small Business, Enterprise and Employment Act 2015. They should also be read in conjunction with the Reporting on Payment Practices and Performance Regulations 2017 which they modify. Regulation 1(3) provides that these Regulations are to cease to have effect on 6th April 2024. Regulation 11 requires the Secretary of State to review the operation and effect of these Regulations and publish a report within five years after the Regulations come into force. Following the review it will fall to the Secretary of State to consider whether the Regulations should be allowed to expire as regulation 1(3) provides, be revoked early, or continue in force with or without amendment. A further instrument would be needed to continue the Regulations in force with or without amendments or to revoke them early. A full impact assessment of the effect that this instrument will have on the costs to business and the voluntary sector is available from the Department for Business, Energy and Industrial Strategy at 1 Victoria Street, London SW1H 0ET and is published with an Explanatory Memorandum alongside the instrument on www.legislation.gov.uk.

Offences created by this instrument

Application of the Principal Regulations to limited liability partnerships regulation 9 · Status not determined · Strict liability
Application of the Principal Regulations to limited liability partnerships regulation 9(a) · Status not determined · Strict liability

What Parliament said about it

Contributions, debates and written statements mentioning this instrument by name. Parliamentary material is reused under the Open Parliament Licence v3.0.

Draft Reporting on Payment Practices and Performance Regulations 2017 Draft Limited Liability Partnerships (reporting on Payment Practices and Performance) Regulations 2017 Commons · General Committees · 9 March 2017
Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 Lords · Grand Committee · 9 March 2017
Business without Debate Commons · Commons Chamber · 13 March 2017
That the draft Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017, which were laid before this House on 31 January, be approved.— (Mark Spencer.)
Draft Reporting on Payment Practices and Performance (Amendment) Regulations 2024 Commons · General Committees · 18 March 2024 · The Minister for Industry and Economic Security (Ms Nusrat Ghani)
I beg to move, That the Committee has considered the draft Reporting on Payment Practices and Performance (Amendment) Regulations 2024. It is a pleasure to serve under your chairmanship, Mr Stringer. The draft regulations were laid before the House on 10 January. The Government have declared 2024 to be the year of small businesses. Small and medium-sized enterprises are the backbone of our economy, making up to 99.9% of UK businesses, employing millions of people and enriching our everyday lives. So far this year, we have further improved our Help to Grow campaign and established a Small…
Late Payments and Long Payment Terms Commons · Written Statements · 7 October 2024 · The Secretary of State for Business and Trade (Jonathan Reynolds)
Late payments and long payment terms continue to be a significant issue for small businesses and the self-employed across the UK. In 2022, small businesses were owed on average an estimated £22,000 in late payments from the businesses they supply. As well as the direct costs to businesses through lost and late revenue, there are also indirect costs, which include a reduction in productivity through lost time chasing late payments and forgoing investment and growth opportunities. We are determined to foster a strong payment culture in the UK by bringing the payment performance and behaviour…
Reporting on Payment Practices and Performance (Amendment) (No. 2) Regulations 2024 Lords · Grand Committee · 13 January 2025 · The Minister of State, Department for Business and Trade and Treasury (Baroness Gustafsson) (Lab)
My Lords, these regulations amend the Reporting on Payment Practices and Performance Regulations 2017 and the Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 to introduce requirements for in-scope businesses to publish certain information twice per financial year about their retention practices, policies and performance where retention clauses are included in construction contracts. Tackling late payments is critical for the UK economy’s growth and productivity. Fifty-six million hours are wasted each year by businesses chasing late payments,…
Draft Reporting on Payment Practices and Performance (Amendment) (No. 2) Regulations 2024 Commons · General Committees · 15 January 2025 · The Parliamentary Under-Secretary of State for Business and Trade (Gareth Thomas)
I beg to move, That the Committee has considered the draft Reporting on Payment Practices and Performance (Amendment) (No. 2) Regulations 2024. It is a pleasure to serve under your chairmanship, Ms McVey. The regulations were laid in draft before the House on 7 October 2024. By way of introduction, let me explain that the regulations seek to amend the Reporting on Payment Practices and Performance Regulations 2017 and the Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017. Let me give a bit of context to the issue. Prompt and fair payment has…

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