Under the Political Parties, Elections and Referendums Act 2000 (PPERA), when you make an application to register a political party, the proposed treasurer must also make a declaration regarding the assets and liabilities held by the party. This declaration must state whether your party meets, or does not meet, the assets/liabilities condition.
Your party will meet the assets/liabilities condition if both the total value of the party’s assets and total amount of the party’s liabilities are £500 or less. If you meet the assets/liabilities condition, you are not required to provide us with any further detail.
However, if either the total value of the party’s assets, or total amount of the party’s liabilities, are more than £500, your party will not meet the assets/liabilities condition. Parties that do not meet the assets/liabilities condition must submit a record of assets and liabilities to the Electoral Commission with their application to register a party.
For example,
Party A has £50 in assets and no liabilities. Party A meets the assets/liabilities condition as it does not hold assets or liabilities that meet the reporting threshold of more than £500. It is not required to submit a record of assets and liabilities.
Party B has no assets and no liabilities. Party B also meets the assets/liabilities condition as it does not hold assets or liabilities that meet the reporting threshold of more than £500. It is not required to submit a record of assets and liabilities.
Party C has £700 in assets and £600 in liabilities. Party C does not meet the assets/liabilities condition as both the assets and liabilities are more than £500. Party C is therefore required to submit a record of assets and liabilities.
Party D has £100 in assets and £600 in liabilities. Party D does not meet the assets/liabilities condition as it holds more than £500 in liabilities. Party D is also required to submit a record of assets and liabilities.
The Commission will include whether your party meets or does not meet the assets and liabilities condition as part of the details published on the public register of political parties. We will also publish a copy of the record on the register.