Section 1274A was inserted by Section 79 of the Companies (Accounting) Act 2017 for periods commencing on or after 1 January 2017 or where the Companies (Accounting) Act 2017 has been early adopted (permitted to be early adopted for periods beginning on or after 1 January 2015) then for the period from which the Companies (Accounting) Act 2017 has been early adopted.

Other than in the case of a designated ULC (within the meaning of section 1274), Part 26 shall not apply to an ULC.


OmniPro Comment

What’s new or different? 

Companies (Accounting) Act 2017:

Provides that Part 26 shall not apply to unlimited companies with the exception of a designated ULC

Companies Act 2014:

Not applicable

Impact:

Disclosure of payments to governments shall apply to designated ULCs