Separate Limited Partnerships (Jersey) Order 2011

Summary

This Jersey Order supplements the Separate Limited Partnerships (Jersey) Law 2011 by fixing the rate of interest payable on certain partnership payments. It does not create new filing or reporting duties but sets a statutory interest rate that applies whenever those specific payments are made or delayed.

• Scope of interest rule: Applies to interest on (a) a share of profits paid under Article 15 of the Separate Limited Partnerships (Jersey) Law 2011, and (b) a return of a limited partner's contribution paid under Article 18 of that Law.
• Prescribed rate: Interest is simple interest calculated at 2 percentage points above the base rate from time to time of Barclays Bank plc.
• Citation: The instrument may be cited as the Separate Limited Partnerships (Jersey) Order 2011.

The Order is administrative in nature: it fixes a benchmark interest rate for use in calculations under the parent Law rather than imposing independent reporting or notification obligations on regulated entities.

Key obligations

• When calculating interest owed on a share of profits (Article 15) or a return of a limited partner's contribution (Article 18) under the Separate Limited Partnerships (Jersey) Law 2011, the applicable rate must be simple interest at 2 percentage points above Barclays Bank plc's base rate from time to time.

Applies to

separate limited partnerships (Jersey), general partners, limited partners

Related documents

• This document is made under Separate Limited Partnerships (Jersey) Law 2011