Legalize / United Kingdom / Economic Crime (Transparency and Enforcement) Act 2022 / History

Reform history

Economic Crime (Transparency and Enforcement) Act 2022

10 versions · 2022-03-15

2024-03-21

Economic Crime (Transparency and Enforcement) Act 2022

View changes Text at this date

2023-10-26

Economic Crime (Transparency and Enforcement) Act 2022

View changes Text at this date

2023-04-01

Economic Crime (Transparency and Enforcement) Act 2022

View changes Text at this date

Changes on 2023-04-01

@@ -50,7 +50,7 @@

- (1) An application by an overseas entity for registration must be delivered to the registrar and contain—

- (a) the statement and information listed in row 1, 2 or 3 of the table, and, where applicable, the statement and information mentioned in subsection [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/4/3/2023-01-16),

- (b) a statement that the entity has complied with section 12 (duty to take steps to identify registrable beneficial owners etc),

@@ -78,7 +78,7 @@

- (6) The Secretary of State may by regulations specify additional statements or information that must be included in an application under this section.

- (7) Regulations under subsection [(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/4/6/2023-01-16) are subject to the negative resolution procedure.

- (7) Regulations under subsection [(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/4/6/2023-04-01) are subject to the negative resolution procedure.

#### Registration and allocation of overseas entity ID

@@ -124,9 +124,9 @@

- (1) A registered overseas entity must, within the period of 14 days after each update period, deliver to the registrar—

- (a) the statement and information listed in row 1, 2 or 3 of the table in section 4(2), and, where applicable, the statement and information mentioned in subsection [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/3/2023-01-16),

- (b) the statement in row 1 of the table set out in subsection [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/2/2023-01-16) or the statement and information listed in row 2 of that table, and, where applicable, the statement and information mentioned in subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/4/2023-01-16),

- (b) the statement in row 1 of the table set out in subsection [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/2/2023-04-01) or the statement and information listed in row 2 of that table, and, where applicable, the statement and information mentioned in subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/4/2023-04-01),

- (c) a statement that the entity has complied with section 12 (duty to take steps to identify registrable beneficial owners etc),

@@ -134,20 +134,20 @@

- (e) the name and contact details of an individual who may be contacted about the statements and information.

- (2) This is the table referred to in subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/b/2023-01-16)—

- (2) This is the table referred to in subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/b/2023-04-01)—

| | Statement | Information |

| --- | --- | --- |

| 1 | A statement that the entity has noreasonable cause to believe thatanyone has become or ceased to be aregistrable beneficial owner duringthe update period. | |

| 2 | A statement that the entity has reasonable cause to believe that at least one person has become or ceased to be a registrable beneficial owner during the update period. | The required information about each person who has become or ceased to be a registrable beneficial owner during the update period, or so much of that information as the entity has been able to obtain. The date on which each of them became or ceased to be a registrable beneficial owner, if the entity has been able to obtain that information. |

- (3) Where information provided under subsection [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/a/2023-01-16) includes information that a registrable beneficial owner is a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the overseas entity is also required by subsection [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/a/2023-01-16) to provide—

- (3) Where information provided under subsection [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/a/2023-04-01) includes information that a registrable beneficial owner is a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the overseas entity is also required by subsection [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/a/2023-04-01) to provide—

- (a) the required information about the trust or so much of that information as the overseas entity has been able to obtain, and

- (b) a statement as to whether the entity has any reasonable cause to believe that there is required information about the trust that it has not been able to obtain.

- (4) Where information provided under subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/b/2023-01-16) includes information that a person who became or ceased to be a registrable beneficial owner was a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the overseas entity is also required by subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/b/2023-01-16) to provide—

- (4) Where information provided under subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/b/2023-04-01) includes information that a person who became or ceased to be a registrable beneficial owner was a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the overseas entity is also required by subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/b/2023-04-01) to provide—

- (a) the required information about the trust or so much of that information as the overseas entity has been able to obtain, and

@@ -155,11 +155,11 @@

- (5) For the required information, see Schedule 1.

- (6) The information required by subsection [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/a/2023-01-16), and any statements required by subsection [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/a/2023-01-16) or [(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/b/2023-01-16), must relate to the state of affairs as at the end of the update period.

- (7) Any information required by subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/b/2023-01-16) as a result of a person having become or ceased to be a registrable beneficial owner must relate to the time when the person became or ceased to be a registrable beneficial owner.

- (8) A requirement in subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/2023-01-16) to provide information may be met (in whole or in part) by confirming information previously provided.

- (6) The information required by subsection [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/a/2023-04-01), and any statements required by subsection [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/a/2023-04-01) or [(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/b/2023-04-01), must relate to the state of affairs as at the end of the update period.

- (7) Any information required by subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/b/2023-04-01) as a result of a person having become or ceased to be a registrable beneficial owner must relate to the time when the person became or ceased to be a registrable beneficial owner.

- (8) A requirement in subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/2023-04-01) to provide information may be met (in whole or in part) by confirming information previously provided.

- (9) For the purposes of this section, each of the following is an update period—

@@ -171,7 +171,7 @@

- (a) notifying the registrar of the shortened update period, and

- (b) delivering the statements and information required by subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/2023-01-16) within the period of 14 days after that shortened update period.

- (b) delivering the statements and information required by subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/2023-04-01) within the period of 14 days after that shortened update period.

- (11) The Secretary of State may by regulations amend this section for the purpose of changing the meaning of update period in this section.

@@ -187,7 +187,7 @@

- (b) every officer of the entity who is in default.

- (2) A person guilty of an offence under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/8/1/2023-01-16) is liable on summary conviction—

- (2) A person guilty of an offence under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/8/1/2023-04-01) is liable on summary conviction—

- (a) in England and Wales to a fine and, for continued contravention, a daily default fine not exceeding the greater of £2,500 and one half of level 4 on the standard scale;

@@ -195,9 +195,9 @@

- (3) The contravention continues until such time as the registered overseas entity has delivered the statements and information required by section 7(1).

- (4) In the case of continued contravention, an offence is also committed by every officer of the registered overseas entity who did not commit an offence under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/8/1/2023-01-16) in relation to the initial contravention but who is in default in relation to the continued contravention.

- (5) A person guilty of an offence under subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/8/4/2023-01-16) is liable on summary conviction—

- (4) In the case of continued contravention, an offence is also committed by every officer of the registered overseas entity who did not commit an offence under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/8/1/2023-04-01) in relation to the initial contravention but who is in default in relation to the continued contravention.

- (5) A person guilty of an offence under subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/8/4/2023-04-01) is liable on summary conviction—

- (a) in England and Wales, to a fine not exceeding the greater of £2,500 and one half of level 4 on the standard scale for each day on which the contravention continues and the person is in default;

@@ -213,9 +213,9 @@

- (a) a statement confirming that the entity is not registered as the proprietor of a relevant interest in land,

- (b) the statement and information listed in row 1, 2 or 3 of the table in section 4(2), and, where applicable, the statement and information mentioned in subsection [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/3/2023-01-16),

- (c) the statement in row 1 of the table set out in subsection (2) or the statement and information listed in row 2 of that table, and, where applicable, the statement and information mentioned in subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/4/2023-01-16),

- (d) a statement that the entity has complied with section 12 (duty to take steps to identify registrable beneficial owners etc),

@@ -223,20 +223,20 @@

- (f) the name and contact details of an individual who may be contacted about the application.

- (2) This is the table referred to in subsection [(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/c/2023-01-16)—

- (2) This is the table referred to in subsection [(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/c/2023-04-01)—

| | Statement | Information |

| --- | --- | --- |

| 1 | A statement that the entity has noreasonable cause to believe thatanyone has become or ceased to be aregistrable beneficial owner duringthe relevant period. | |

| 2 | A statement that the entity has reasonable cause to believe that at least one person has become or ceased to be a registrable beneficial owner during the relevant period. | The required information about each person who has become or ceased to be a registrable beneficial owner during the relevant period, or so much of that information as the entity has been able to obtain. The date on which each of them became or ceased to be a registrable beneficial owner, if the entity has been able to obtain that information. |

- (3) Where information provided under subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/b/2023-01-16) includes information that a registrable beneficial owner is a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the overseas entity is also required by subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/b/2023-01-16) to provide—

- (3) Where information provided under subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/b/2023-04-01) includes information that a registrable beneficial owner is a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the overseas entity is also required by subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/b/2023-04-01) to provide—

- (a) the required information about the trust or so much of that information as the overseas entity has been able to obtain, and

- (b) a statement as to whether the entity has any reasonable cause to believe that there is required information about the trust that it has not been able to obtain.

- (4) Where information provided under subsection [(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/c/2023-01-16) includes information that a person who became or ceased to be a registrable beneficial owner was a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the overseas entity is also required by subsection [(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/c/2023-01-16) to provide—

- (4) Where information provided under subsection [(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/c/2023-04-01) includes information that a person who became or ceased to be a registrable beneficial owner was a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the overseas entity is also required by subsection [(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/c/2023-04-01) to provide—

- (a) the required information about the trust or so much of that information as the overseas entity has been able to obtain, and

@@ -244,17 +244,17 @@

- (5) For the required information, see Schedule 1.

- (6) For the purposes of subsection [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/2/2023-01-16) “*the relevant period*” means the period—

- (6) For the purposes of subsection [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/2/2023-04-01) “*the relevant period*” means the period—

- (a) beginning with the date of the overseas entity’s registration or (if later) the end of its last update period, and

- (b) ending with the date of the application for removal.

- (7) The information required by subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/b/2023-01-16), and any statements required by subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/b/2023-01-16) or [(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/c/2023-01-16), must relate to the state of affairs as at the time of the application for removal.

- (8) Any information required by subsection [(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/c/2023-01-16) as a result of a person having become or ceased to be a registrable beneficial owner must relate to the time when the person became or ceased to be a registrable beneficial owner.

- (9) The requirement in subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/2023-01-16) to provide information may be met (in whole or in part) by confirming information previously provided.

- (7) The information required by subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/b/2023-04-01), and any statements required by subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/b/2023-04-01) or [(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/c/2023-04-01), must relate to the state of affairs as at the time of the application for removal.

- (8) Any information required by subsection [(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/c/2023-04-01) as a result of a person having become or ceased to be a registrable beneficial owner must relate to the time when the person became or ceased to be a registrable beneficial owner.

- (9) The requirement in subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/2023-04-01) to provide information may be met (in whole or in part) by confirming information previously provided.

- (10) For the purposes of this section and section 10 an overseas entity is registered as the proprietor of a relevant interest in land if—

@@ -278,9 +278,9 @@

- (ii) became so registered on or after the day on which that Schedule came into force.

- (11) In subsection [(10)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/10/b/2023-01-16), “*lease*”, “*plot of land*” and “*proprietor*” have the meanings given by section 113(1) of the Land Registration etc. (Scotland) Act [2012 (asp 5)](https://www.legislation.gov.uk/asp/2012/5).

- (12) For the purposes of subsection [(10)(b)(i)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/10/b/i/2023-01-16)—

- (11) In subsection [(10)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/10/b/2023-04-01), “*lease*”, “*plot of land*” and “*proprietor*” have the meanings given by section 113(1) of the Land Registration etc. (Scotland) Act [2012 (asp 5)](https://www.legislation.gov.uk/asp/2012/5).

- (12) For the purposes of subsection [(10)(b)(i)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/10/b/i/2023-04-01)—

- (a) the reference to an overseas entity’s being entered as proprietor in the proprietorship section of a title sheet is a reference to the name of the entity being so entered, and

@@ -290,7 +290,7 @@

##### 10

- (1) On receipt of an application by a registered overseas entity under section 9, the registrar must check whether the overseas entity is registered as the proprietor of a relevant interest in land (see subsection [(10)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/10/2023-01-16) of that section).

- (2) If the overseas entity is not registered as the proprietor of a relevant interest in land, the registrar must remove it from the list of registered overseas entities.

@@ -354,13 +354,13 @@

- (a) a person who is a registrable beneficial owner in relation to the overseas entity,

- (b) any legal entity not falling within paragraph [(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/a/2023-01-16) that is a beneficial owner in relation to the overseas entity, or

- (c) a person likely to have knowledge of the identity of a person within paragraph [(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/a/2023-01-16) or [(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/b/2023-01-16).

- (b) any legal entity not falling within paragraph [(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/a/2023-04-01) that is a beneficial owner in relation to the overseas entity, or

- (c) a person likely to have knowledge of the identity of a person within paragraph [(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/a/2023-04-01) or [(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/b/2023-04-01).

- (2) An information notice under this section is a notice requiring the addressee—

- (a) to state whether or not the addressee knows the identity of a person within paragraph [(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/a/2023-01-16), [(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/b/2023-01-16) or [(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/c/2023-01-16) of subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/2023-01-16), and

- (a) to state whether or not the addressee knows the identity of a person within paragraph [(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/a/2023-04-01), [(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/b/2023-04-01) or [(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/c/2023-04-01) of subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/2023-04-01), and

- (b) if so—

@@ -370,7 +370,7 @@

- (3) An information notice under this section must require the person to whom it is given to comply with the notice within the period of one month beginning with the day on which it is given.

- (4) A person given a notice under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/2023-01-16) is not required by that notice to disclose any information in respect of which a claim to legal professional privilege or, in Scotland, confidentiality of communications, could be maintained in legal proceedings.

- (4) A person given a notice under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/13/1/2023-04-01) is not required by that notice to disclose any information in respect of which a claim to legal professional privilege or, in Scotland, confidentiality of communications, could be maintained in legal proceedings.

- (5) In this section a reference to knowing the identity of a person includes knowing information from which that person can be identified.

@@ -380,7 +380,7 @@

- (1) The Secretary of State may by regulations make further provision about the giving of notices under section 12 or 13, including provision about the form and content of any such notices and the manner in which they must be given.

- (2) Regulations under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/14/1/2023-01-16) are subject to the negative resolution procedure.

- (2) Regulations under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/14/1/2023-04-01) are subject to the negative resolution procedure.

#### Failure to comply with notice under section 12 or 13

@@ -394,9 +394,9 @@

- (b) recklessly makes a statement that is false in a material particular.

- (3) Where an offence under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/15/1/2023-01-16) or [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/15/2/2023-01-16) is committed by a legal entity, the offence is also committed by every officer of the entity who is in default.

- (4) A person does not commit an offence under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/15/1/2023-01-16), or under subsection [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/15/3/2023-01-16) as it applies in relation to subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/15/1/2023-01-16), if the person proves that the requirement to give information was frivolous or vexatious.

- (3) Where an offence under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/15/1/2023-04-01) or [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/15/2/2023-04-01) is committed by a legal entity, the offence is also committed by every officer of the entity who is in default.

- (4) A person does not commit an offence under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/15/1/2023-04-01), or under subsection [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/15/3/2023-04-01) as it applies in relation to subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/15/1/2023-04-01), if the person proves that the requirement to give information was frivolous or vexatious.

- (5) A person guilty of an offence under this section is liable—

@@ -408,7 +408,7 @@

- (d) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both).

- (6) In subsection [(5)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/15/5/a/2023-01-16) “*the maximum summary term for either-way offences*” means—

- (6) In subsection [(5)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/15/5/a/2023-04-01) “*the maximum summary term for either-way offences*” means—

- (a) in relation to an offence committed before the time when paragraph 24(2) of Schedule 22 to the Sentencing Act 2020 comes into force, 6 months;

@@ -432,7 +432,7 @@

- (b) about the person by whom the information must be verified;

- (c) requiring a statement, evidence or other information to be delivered to the registrar for the purposes of sections 4[(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/4/1/c/2023-01-16), 7[(1)(d)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/d/2023-01-16) and 9[(1)(e)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/e/2023-01-16).

- (c) requiring a statement, evidence or other information to be delivered to the registrar for the purposes of sections 4[(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/4/1/c/2023-04-01), 7[(1)(d)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/d/2023-04-01) and 9[(1)(e)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/e/2023-04-01).

- (3) The first regulations under this section must be made so as to come into force before any applications may be made under section 4(1).

@@ -478,7 +478,7 @@

- (d) the exempt person does not count as a registrable beneficial owner in relation to any overseas entity for the purposes of this Part.

- (3) For the purposes of subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/18/1/b/2023-01-16)—

- (3) For the purposes of subsection [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/18/1/b/2023-04-01)—

- (a) “*crime*” means conduct which—

@@ -562,11 +562,11 @@

- (1) The following material must not be made available by the registrar for public inspection—

- (a) any date of birth or residential address information protected under subsection [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/2/2023-01-16),

- (b) the name or contact details of an individual delivered to the registrar under section 4[(1)(d)](https://www.legislation.gov.uk/ukpga/2022/10/section/4/1/d/2023-01-16) (application for registration), 7[(1)(e)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/e/2023-01-16) (updating duty) or 9[(1)(f)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/f/2023-01-16) (application for removal),

- (c) any required information about a trust delivered to the registrar by virtue of section 4[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/4/3/2023-01-16), 7[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/3/2023-01-16) or [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/4/2023-01-16) or 9[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/3/2023-01-16) or [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/4/2023-01-16) (required information about trusts),

- (a) any date of birth or residential address information protected under subsection [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/2/2023-04-01),

- (b) the name or contact details of an individual delivered to the registrar under section 4[(1)(d)](https://www.legislation.gov.uk/ukpga/2022/10/section/4/1/d/2023-04-01) (application for registration), 7[(1)(e)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/e/2023-04-01) (updating duty) or 9[(1)(f)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/f/2023-04-01) (application for removal),

- (c) any required information about a trust delivered to the registrar by virtue of section 4[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/4/3/2023-04-01), 7[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/3/2023-04-01) or [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/4/2023-04-01) or 9[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/3/2023-04-01) or [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/4/2023-04-01) (required information about trusts),

- (d) information that, by virtue of regulations under section 25 (power to protect other information), the registrar must omit from the material on the register that is available for inspection,

@@ -584,7 +584,7 @@

- (c) in the case of a document having more than one part, it is contained in a part of the document in which date of birth information or residential address information is required to be stated, and

- (d) it is not information about a trust delivered to the registrar by virtue of section 4[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/4/3/2023-01-16), 7[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/3/2023-01-16) or [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/4/2023-01-16) or 9[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/3/2023-01-16) or [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/4/2023-01-16).

- (d) it is not information about a trust delivered to the registrar by virtue of section 4[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/4/3/2023-04-01), 7[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/3/2023-04-01) or [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/4/2023-04-01) or 9[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/3/2023-04-01) or [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/4/2023-04-01).

- (3) In this section—

@@ -592,19 +592,19 @@

- “*residential address information*” means— information as to the usual residential address of an individual, or information that the service address of an individual is the individual’s usual residential address.

- (4) Nothing in this section obliges the registrar to check documents other than those mentioned in subsection [(2)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/2/b/2023-01-16), or parts of documents other than those mentioned in subsection [(2)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/2/c/2023-01-16), to ensure the absence of date of birth information or residential address information.

- (4) Nothing in this section obliges the registrar to check documents other than those mentioned in subsection [(2)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/2/b/2023-04-01), or parts of documents other than those mentioned in subsection [(2)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/2/c/2023-04-01), to ensure the absence of date of birth information or residential address information.

#### Disclosure of information about trusts

##### 23

- (1) This section applies to information delivered to the registrar by virtue of section 4[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/4/3/2023-01-16), 7[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/3/2023-01-16) or [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/4/2023-01-16) or 9[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/3/2023-01-16) or [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/4/2023-01-16) (required information about trusts).

- (1) This section applies to information delivered to the registrar by virtue of section 4[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/4/3/2023-04-01), 7[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/3/2023-04-01) or [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/4/2023-04-01) or 9[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/3/2023-04-01) or [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/4/2023-04-01) (required information about trusts).

- (2) The registrar may not disclose the information unless—

- (a) the same information is made available by the registrar for public inspection otherwise than by virtue of being delivered to the registrar by virtue of a provision mentioned in subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/23/1/2023-01-16), or

- (b) the disclosure is permitted by subsection [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/3/2023-01-16).

- (b) the disclosure is permitted by subsection [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/3/2023-04-01).

- (3) The registrar may disclose the information to—

@@ -626,7 +626,7 @@

- (a) the same information about the person (whether in the same or a different capacity) is made available by the registrar for public inspection as a result of being contained in another description of document in relation to which no restriction under section 22 applies, or

- (b) disclosure is permitted by subsection [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/24/2/2023-01-16).

- (b) disclosure is permitted by subsection [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/24/2/2023-04-01).

- (2) The registrar may disclose protected date of birth information or residential address information to any person who—

@@ -644,11 +644,11 @@

- (5) In this section—

- “*date of birth information*” has the meaning given by section 22[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/3/2023-01-16);

- “*protected*” has the meaning given by section 22[(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/2/2023-01-16);

- “*residential address information*” has the meaning given by section 22[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/3/2023-01-16).

- “*date of birth information*” has the meaning given by section 22[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/3/2023-04-01);

- “*protected*” has the meaning given by section 22[(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/2/2023-04-01);

- “*residential address information*” has the meaning given by section 22[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/3/2023-04-01).

- (6) Regulations under this section are subject to the negative resolution procedure.

@@ -684,7 +684,7 @@

- (g) the charging of fees by the registrar for disclosing information where the regulations permit disclosure, by way of exception, in specified circumstances.

- (4) The provision that may be made under subsection [(3)(d)](https://www.legislation.gov.uk/ukpga/2022/10/section/25/3/d/2023-01-16) or [(f)](https://www.legislation.gov.uk/ukpga/2022/10/section/25/3/f/2023-01-16) includes provision—

- (4) The provision that may be made under subsection [(3)(d)](https://www.legislation.gov.uk/ukpga/2022/10/section/25/3/d/2023-04-01) or [(f)](https://www.legislation.gov.uk/ukpga/2022/10/section/25/3/f/2023-04-01) includes provision—

- (a) conferring a discretion on the registrar;

@@ -698,7 +698,7 @@

- (6) Regulations under this section are subject to the affirmative resolution procedure.

- (7) Nothing in this section or in regulations made under it affects the disclosure of information about a person in any capacity other than that mentioned in subsection [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/25/2/2023-01-16).

#### Data protection

@@ -732,7 +732,7 @@

- (b) every officer of the overseas entity who is in default.

- (4) A person guilty of an offence under subsection [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/27/3/2023-01-16) is liable on summary conviction—

- (4) A person guilty of an offence under subsection [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/27/3/2023-04-01) is liable on summary conviction—

- (a) in England and Wales, to a fine and, for continued contravention, a daily default fine not exceeding the greater of £2,500 and one half of level 4 on the standard scale;

@@ -746,9 +746,9 @@

- (a) anything that there was power, but no duty, to include;

- (b) anything listed in section 22[(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/1/2023-01-16) (material unavailable for public inspection), if it no longer appears to the registrar reasonably necessary for the purposes for which it was delivered to the registrar.

- (2) The power in subsection [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/28/1/a/2023-01-16) is exercisable, in particular, so as to remove—

- (b) anything listed in section 22[(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/22/1/2023-04-01) (material unavailable for public inspection), if it no longer appears to the registrar reasonably necessary for the purposes for which it was delivered to the registrar.

- (2) The power in subsection [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/28/1/a/2023-04-01) is exercisable, in particular, so as to remove—

- (a) unnecessary material within the meaning of section 1074 of the Companies Act 2006,

@@ -756,7 +756,7 @@

- (c) material derived from a document that has been replaced under section 27.

- (3) On or before removing any material under subsection [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/28/1/a/2023-01-16) (otherwise than at the request of the overseas entity) the registrar must give notice—

- (3) On or before removing any material under subsection [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/28/1/a/2023-04-01) (otherwise than at the request of the overseas entity) the registrar must give notice—

- (a) to the person by whom the material was delivered (if the identity, and name and address of that person are known), or

@@ -878,7 +878,7 @@

- (d) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both).

- (5) In subsection [(4)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/32/4/a/2023-01-16) “*the maximum summary term for either-way offences*” means—

- (5) In subsection [(4)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/32/4/a/2023-04-01) “*the maximum summary term for either-way offences*” means—

- (a) in relation to an offence committed before the time when paragraph 24(2) of Schedule 22 to the Sentencing Act 2020 comes into force, 6 months;

@@ -908,9 +908,9 @@

- (5) The provision which may be made by regulations under subsection (4) by virtue of section 67(3) includes provision amending other provisions of the Land Registration (Northern Ireland) Act 1970.

- (6) The Secretary of State must consult the Department of Finance in Northern Ireland before making regulations under subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/33/4/2023-01-16).

- (7) Regulations under subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/33/4/2023-01-16) are subject to the affirmative resolution procedure.

- (7) Regulations under subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/33/4/2023-04-01) are subject to the affirmative resolution procedure.

#### Power to require overseas entity to register if it owns certain land

@@ -918,23 +918,23 @@

- (1) The Secretary of State may by notice require an overseas entity to apply for registration in the register of overseas entities within the period of 6 months beginning with the date of the notice if at the time the notice is given—

- (a) the entity is registered as the proprietor of a relevant interest in land within the meaning given by section 9[(10)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/10/2023-01-16), and

- (a) the entity is registered as the proprietor of a relevant interest in land within the meaning given by section 9[(10)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/10/2023-04-01), and

- (b) the entity is not registered as an overseas entity, has not made an application for registration that is pending and is not an exempt overseas entity.

- (2) A notice under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/1/2023-01-16) lapses if, before the end of the period mentioned there, the overseas entity—

- (a) ceases to be registered as the proprietor of a relevant interest in land within the meaning given by section 9[(10)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/10/2023-01-16), or

- (2) A notice under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/1/2023-04-01) lapses if, before the end of the period mentioned there, the overseas entity—

- (a) ceases to be registered as the proprietor of a relevant interest in land within the meaning given by section 9[(10)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/10/2023-04-01), or

- (b) becomes an exempt overseas entity.

- (3) If an overseas entity fails to comply with a notice under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/1/2023-01-16), an offence is committed by—

- (3) If an overseas entity fails to comply with a notice under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/1/2023-04-01), an offence is committed by—

- (a) the entity, and

- (b) every officer of the entity who is in default.

- (4) A person guilty of an offence under subsection [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/3/2023-01-16) is liable—

- (4) A person guilty of an offence under subsection [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/3/2023-04-01) is liable—

- (a) on summary conviction in England and Wales, to imprisonment for the maximum summary term for either-way offences or a fine (or both);

@@ -944,7 +944,7 @@

- (d) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both).

- (5) In subsection [(4)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/4/a/2023-01-16) “*the maximum summary term for either-way offences*” means—

- (5) In subsection [(4)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/4/a/2023-04-01) “*the maximum summary term for either-way offences*” means—

- (a) in relation to an offence committed before the time when paragraph 24(2) of Schedule 22 to the Sentencing Act 2020 comes into force, 6 months;

@@ -952,7 +952,7 @@

- (6) In this section “*exempt overseas entity*” means an overseas entity of such description as may be specified in regulations made by the Secretary of State for the purposes of this section.

- (7) Regulations under subsection [(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/6/2023-01-16) are subject to the affirmative resolution procedure.

- (7) Regulations under subsection [(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/6/2023-04-01) are subject to the affirmative resolution procedure.

### Supplementary provision about offences

@@ -964,7 +964,7 @@

- (2) In those sections as applied, a reference to an officer includes a person in accordance with whose directions or instructions the board of directors or equivalent management body of a legal entity are accustomed to act.

- (3) A person is not to be regarded as falling within subsection [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/35/2/2023-01-16) by reason only that the board of directors or equivalent management body acts on advice given by the person in a professional capacity.

- (3) A person is not to be regarded as falling within subsection [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/35/2/2023-04-01) by reason only that the board of directors or equivalent management body acts on advice given by the person in a professional capacity.

#### Meaning of “daily default fine”

@@ -1060,19 +1060,19 @@

- (b) may not further disclose the information unless the disclosure is necessary for the taking of action in connection with an offence under this Part.

- (4) It is an offence for a person to disclose, in contravention of subsection [(3)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/40/3/b/2023-01-16), any revenue and customs information relating to a person whose identity—

- (4) It is an offence for a person to disclose, in contravention of subsection [(3)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/40/3/b/2023-04-01), any revenue and customs information relating to a person whose identity—

- (a) is specified in the disclosure, or

- (b) can be deduced from it.

- (5) It is a defence for a person charged with an offence under subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/40/4/2023-01-16) to prove that the person reasonably believed—

- (5) It is a defence for a person charged with an offence under subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/40/4/2023-04-01) to prove that the person reasonably believed—

- (a) that the disclosure was lawful, or

- (b) that the information had already lawfully been made available to the public.

- (6) Subsections (4) to (7) of section 19 of the Commissioners for Revenue and Customs Act 2005 apply to an offence under subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/40/4/2023-01-16) as they apply to an offence under that section.

- (6) Subsections (4) to (7) of section 19 of the Commissioners for Revenue and Customs Act 2005 apply to an offence under subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/40/4/2023-04-01) as they apply to an offence under that section.

- (7) In this section “*revenue and customs information relating to a person*” has the same meaning as in section 19 of the Commissioners for Revenue and Customs Act 2005 (see section 19(2) of that Act).

@@ -1092,13 +1092,13 @@

the application must include a statement to that effect.

- (3) If the entity has made any relevant dispositions of land during the period mentioned in subsection [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/2/2023-01-16), the application must include—

- (a) the required information about each relevant disposition of land made during that period (see subsection [(5)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/5/2023-01-16)),

- (a) the required information about each relevant disposition of land made during that period (see subsection [(5)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/5/2023-04-01)),

- (b) in relation to each such disposition, the statements and information mentioned in paragraphs (a), (b) and (c) of section 4(1) expressed by reference to the state of affairs immediately before the making of the disposition, and

- (c) a statement that all of the information required by paragraphs [(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/3/a/2023-01-16) and [(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/3/b/2023-01-16) of this subsection has been included in the application.

- (c) a statement that all of the information required by paragraphs [(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/3/a/2023-04-01) and [(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/3/b/2023-04-01) of this subsection has been included in the application.

- (4) In this section “*relevant disposition of land*”, in relation to an overseas entity, means—

@@ -1116,19 +1116,19 @@

- (5) The required information about a relevant disposition of land is—

- (a) where the relevant disposition of land is within subsection [(4)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/4/a/2023-01-16)—

- (a) where the relevant disposition of land is within subsection [(4)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/4/a/2023-04-01)—

- (i) the date of disposition, and

- (ii) the registered title number of the qualifying estate;

- (b) where the relevant disposition of land is within subsection [(4)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/4/b/2023-01-16)—

- (b) where the relevant disposition of land is within subsection [(4)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/4/b/2023-04-01)—

- (i) the date of delivery of the deed, and

- (ii) the title number of the title sheet in which the entity’s interest is entered.

- (6) In subsection [(4)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/4/a/2023-01-16) “*qualifying estate*” means—

- (6) In subsection [(4)(a)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/4/a/2023-04-01) “*qualifying estate*” means—

- (a) a freehold estate in land, or

@@ -1136,9 +1136,9 @@

of which the overseas entity became a registered proprietor in pursuance of an application made on or after 1 January 1999.

- (7) In subsection [(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/6/2023-01-16) “*registered proprietor*” in relation to an estate means the person entered as proprietor of the estate in the register of title kept by the Chief Land Registrar.

- (8) In subsection [(4)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/4/b/2023-01-16) “*qualifying registrable deed*” means a registrable deed (within the meaning of the Land Registration etc. (Scotland) Act 2012) which is—

- (7) In subsection [(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/6/2023-04-01) “*registered proprietor*” in relation to an estate means the person entered as proprietor of the estate in the register of title kept by the Chief Land Registrar.

- (8) In subsection [(4)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/4/b/2023-04-01) “*qualifying registrable deed*” means a registrable deed (within the meaning of the Land Registration etc. (Scotland) Act 2012) which is—

- (a) a disposition,

@@ -1148,9 +1148,9 @@

- (d) an assignation of a lease (including a sub-lease).

- (9) For the purposes of subsection [(4)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/4/b/2023-01-16), a qualifying registrable deed is to be treated, as at the date of delivery, as having been granted even if at that time it has been executed by the overseas entity only.

- (10) In this section “*the transitional period*” means the period of 6 months beginning with the day on which section 3[(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/3/1/2023-01-16) comes fully into force.

- (9) For the purposes of subsection [(4)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/4/b/2023-04-01), a qualifying registrable deed is to be treated, as at the date of delivery, as having been granted even if at that time it has been executed by the overseas entity only.

#### Requirement for certain unregistered overseas entities to provide information

@@ -1174,17 +1174,17 @@

- (ii) the required information about the relevant disposition of land (within the meaning of section 41(5)).

- (2) A person guilty of an offence under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/42/1/2023-01-16) is liable on summary conviction—

- (2) A person guilty of an offence under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/42/1/2023-04-01) is liable on summary conviction—

- (a) in England and Wales to a fine and, for continued contravention, a daily default fine not exceeding the greater of £2,500 and one half of level 4 on the standard scale;

- (b) in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale and, for continued contravention, a daily default fine not exceeding one half of level 5 on the standard scale.

- (3) The contravention continues until such time as the overseas entity has delivered the statements and information mentioned in subsection [(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/42/1/c/2023-01-16).

- (4) In the case of continued contravention, an offence is also committed by every officer of the overseas entity who did not commit an offence under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/42/1/2023-01-16) in relation to the initial contravention but who is in default in relation to the continued contravention.

- (5) A person guilty of an offence under subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/42/4/2023-01-16) is liable on summary conviction—

- (4) In the case of continued contravention, an offence is also committed by every officer of the overseas entity who did not commit an offence under subsection [(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/42/1/2023-04-01) in relation to the initial contravention but who is in default in relation to the continued contravention.

- (5) A person guilty of an offence under subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/42/4/2023-04-01) is liable on summary conviction—

@@ -1194,9 +1194,9 @@

- “*exempt overseas entity*” means an entity of a description specified in regulations under section 34(6);

- “*relevant disposition of land*” has the meaning given by section 41[(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/4/2023-01-16);

- “*transitional period*” has the meaning given by section 41[(10)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/10/2023-01-16).

- “*relevant disposition of land*” has the meaning given by section 41[(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/4/2023-04-01);

- “*transitional period*” has the meaning given by section 41[(10)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/10/2023-04-01).

#### Section 42: supplementary

@@ -1210,7 +1210,7 @@

- (2) The Secretary of State may by regulations make further provision in connection with—

- (a) the provision of information under section 42[(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/42/1/c/2023-01-16),

- (a) the provision of information under section 42[(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/42/1/c/2023-04-01),

- (b) the verification of that information, or

@@ -1244,19 +1244,19 @@

- “*register*” means the register kept under section 3;

- “registered”: an overseas entity is registered if its name appears in the list of registered overseas entities kept in accordance with section 3[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/3/3/2023-01-16);

- “*registrable beneficial owner*”, in relation to an overseas entity, has the meaning given by Schedule 2;

- “*the registrar*” has the meaning given by section 3[(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/3/1/2023-01-16).

- (2) A reference in section 12 or 13 to a person who is a registrable beneficial owner of an overseas entity includes, in connection with the obtaining of information required by section 7[(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/b/2023-01-16), 9[(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/c/2023-01-16), 41(3)(b) or 42(1)(c)(i), a reference to a person who has ceased to be a registrable beneficial owner.

- “*the registrar*” has the meaning given by section 3[(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/3/1/2023-04-01).

- (2) A reference in section 12 or 13 to a person who is a registrable beneficial owner of an overseas entity includes, in connection with the obtaining of information required by section 7[(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/section/7/1/b/2023-04-01), 9[(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/section/9/1/c/2023-04-01), 41(3)(b) or 42(1)(c)(i), a reference to a person who has ceased to be a registrable beneficial owner.

- (3) A reference in this Part to a trust includes arrangements, under the law of a country or territory outside the United Kingdom, that are of a similar character to a trust, and any related expressions are to be read accordingly.

- (4) The Secretary of State may by regulations make provision specifying descriptions of arrangements that are, or are not, to be treated as being of a similar character to a trust for the purposes of subsection [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/44/3/2023-01-16).

- (5) Regulations under subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/44/4/2023-01-16) are subject to the negative resolution procedure.

- (5) Regulations under subsection [(4)](https://www.legislation.gov.uk/ukpga/2022/10/section/44/4/2023-04-01) are subject to the negative resolution procedure.

## PART 2 — Unexplained wealth orders

@@ -1266,7 +1266,7 @@

- (1) The Proceeds of Crime Act 2002 is amended as follows.

- (2) Section 362A (unexplained wealth orders) is amended in accordance with subsections [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/45/3/2023-01-16) to [(7)](https://www.legislation.gov.uk/ukpga/2022/10/section/45/7/2023-01-16).

- (2) Section 362A (unexplained wealth orders) is amended in accordance with subsections [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/45/3/2023-04-01) to [(7)](https://www.legislation.gov.uk/ukpga/2022/10/section/45/7/2023-04-01).

- (3) After subsection (2) insert—

@@ -1323,7 +1323,7 @@

- (1) The Proceeds of Crime Act 2002 is amended as follows.

- (2) Section 396A (unexplained wealth orders) is amended in accordance with subsections [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/46/3/2023-01-16) to [(7)](https://www.legislation.gov.uk/ukpga/2022/10/section/46/7/2023-01-16).

- (2) Section 396A (unexplained wealth orders) is amended in accordance with subsections [(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/46/3/2023-04-01) to [(7)](https://www.legislation.gov.uk/ukpga/2022/10/section/46/7/2023-04-01).

- (3) After subsection (2) insert—

@@ -1593,7 +1593,7 @@

### CHAPTER 1 — Monetary penalties

#### Imposition of monetary penalties

#### Removal of reviews

##### 54

@@ -1653,7 +1653,7 @@

##### 58

- (1) Section 11 of the 2018 Act (designation of a person by name under a designation power) is amended in accordance with subsections [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/58/2/2023-01-16) to [(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/58/6/2023-01-16).

- (1) Section 11 of the 2018 Act (designation of a person by name under a designation power) is amended in accordance with subsections [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/58/2/2023-04-01) to [(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/58/6/2023-04-01).

- (2) After subsection (1) insert—

@@ -1714,7 +1714,7 @@

##### 59

- (1) Section 12 of the 2018 Act (designation by persons by description under a designation power) is amended in accordance with subsections [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/59/2/2023-01-16) to [(9)](https://www.legislation.gov.uk/ukpga/2022/10/section/59/9/2023-01-16).

- (1) Section 12 of the 2018 Act (designation by persons by description under a designation power) is amended in accordance with subsections [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/59/2/2023-04-01) to [(9)](https://www.legislation.gov.uk/ukpga/2022/10/section/59/9/2023-04-01).

- (2) After subsection (1) insert—

@@ -1915,7 +1915,7 @@

##### 68

- (1) Except as mentioned in subsections [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/68/2/2023-01-16) to (4), this Act extends to—

- (1) Except as mentioned in subsections [(2)](https://www.legislation.gov.uk/ukpga/2022/10/section/68/2/2023-04-01) to (4), this Act extends to—

- (a) England and Wales,

@@ -1929,7 +1929,7 @@

- (b) section 33(2) and Parts 1 and 2 of Schedule 4 extend to Scotland only;

- (c) section 33[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/33/3/2023-01-16) to [(7)](https://www.legislation.gov.uk/ukpga/2022/10/section/33/7/2023-01-16) and Schedule 5 extend to Northern Ireland only.

- (c) section 33[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/33/3/2023-04-01) to [(7)](https://www.legislation.gov.uk/ukpga/2022/10/section/33/7/2023-04-01) and Schedule 5 extend to Northern Ireland only.

- (3) In Part 2, section 51 extends to England and Wales only.

@@ -1987,7 +1987,7 @@

- (g) any public register in which it is entered and, if applicable, its registration number in that register.

- (2) In sub-paragraph [(1)(g)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/2/1/g/2023-01-16) “*public register*” means a register kept by a government or public authority in the country in which the overseas entity was incorporated or formed.

- (2) In sub-paragraph [(1)(g)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/2/1/g/2023-04-01) “*public register*” means a register kept by a government or public authority in the country in which the overseas entity was incorporated or formed.

## PART 3 — Registrable beneficial owners

@@ -2011,7 +2011,7 @@

- (g) whether the individual is a designated person (within the meaning of section 9(2) of the Sanctions and Anti-Money Laundering Act 2018), where that information is publicly available.

- (2) For the purposes of sub-paragraph [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/3/1/a/2023-01-16), “*name*” means a person’s first name (or other forename) and surname, except that in the case of—

- (2) For the purposes of sub-paragraph [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/3/1/a/2023-04-01), “*name*” means a person’s first name (or other forename) and surname, except that in the case of—

- (a) a peer, or

@@ -2063,7 +2063,7 @@

- (i) whether the entity is a designated person (within the meaning of section 9(2) of the Sanctions and Anti-Money Laundering Act 2018), where that information is publicly available.

- (2) In sub-paragraph [(1)(e)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/5/1/e/2023-01-16) “*public register*” has the meaning given by paragraph [2(2)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/2/2/2023-01-16).

- (2) In sub-paragraph [(1)(e)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/5/1/e/2023-04-01) “*public register*” has the meaning given by paragraph [2(2)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/2/2/2023-04-01).

## PART 4 — Managing officers

@@ -2075,7 +2075,7 @@

- (a) name, date of birth and nationality;

- (b) any former name (unless sub-paragraph [(2)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/6/2/2023-01-16) applies);

- (b) any former name (unless sub-paragraph [(2)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/6/2/2023-04-01) applies);

- (c) usual residential address;

@@ -2095,9 +2095,9 @@

- (ii) has been changed or disused for 20 years or more.

- (3) In sub-paragraph [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/6/1/a/2023-01-16), “*name*” has the meaning given by paragraph [3(2)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/3/2/2023-01-16).

- (4) For the purposes of sub-paragraph [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/6/1/b/2023-01-16), “*former name*” means a name by which the individual was formerly known for business purposes.

- (3) In sub-paragraph [(1)(a)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/6/1/a/2023-04-01), “*name*” has the meaning given by paragraph [3(2)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/3/2/2023-04-01).

- (4) For the purposes of sub-paragraph [(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/6/1/b/2023-04-01), “*former name*” means a name by which the individual was formerly known for business purposes.

Where a person is or was formerly known by more than one such name, each of them must be stated.

@@ -2121,9 +2121,9 @@

- (g) the name and contact details of an individual who may be contacted about the managing officer.

- (2) In sub-paragraph [(1)(e)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/7/1/e/2023-01-16) “*public register*” has the meaning given by paragraph [2(2)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/2/2/2023-01-16).

- (3) In sub-paragraph [(1)(g)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/7/1/g/2023-01-16), “*name*” has the meaning given by paragraph [3(2)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/3/2/2023-01-16).

- (2) In sub-paragraph [(1)(e)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/7/1/e/2023-04-01) “*public register*” has the meaning given by paragraph [2(2)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/2/2/2023-04-01).

- (3) In sub-paragraph [(1)(g)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/7/1/g/2023-04-01), “*name*” has the meaning given by paragraph [3(2)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/3/2/2023-04-01).

## PART 5 — Trusts

@@ -2153,9 +2153,9 @@

- (ii) the date on which the person became an interested person.

- (2) In sub-paragraph [(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/8/1/c/2023-01-16), “*name*”, in relation to an individual, has the meaning given by paragraph 3(2).

- (3) In sub-paragraph [(1)(f)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/8/1/f/2023-01-16), “*interested person*”, in relation to a trust, means any person who, under the terms of the trust, has rights in respect of—

- (2) In sub-paragraph [(1)(c)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/8/1/c/2023-04-01), “*name*”, in relation to an individual, has the meaning given by paragraph 3(2).

- (3) In sub-paragraph [(1)(f)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/8/1/f/2023-04-01), “*interested person*”, in relation to a trust, means any person who, under the terms of the trust, has rights in respect of—

- (a) the appointment or removal of trustees, or

@@ -2165,7 +2165,7 @@

##### 9

- (1) The Secretary of State may by regulations make further provision about the information required by paragraphs [2](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/2/2023-01-16) to [8](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/8/2023-01-16).

- (1) The Secretary of State may by regulations make further provision about the information required by paragraphs [2](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/2/2023-04-01) to [8](https://www.legislation.gov.uk/ukpga/2022/10/schedule/1/paragraph/8/2023-04-01).

- (2) Regulations under this paragraph are subject to the negative resolution procedure.

@@ -2187,11 +2187,11 @@

- (2) A registrable beneficial owner may be—

- (a) an individual (see paragraph [2](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/2/2023-01-16)),

- (b) a legal entity (see paragraph [3](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/3/2023-01-16)), or

- (c) a government or public authority (see paragraph [4](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/4/2023-01-16)).

- (a) an individual (see paragraph [2](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/2/2023-04-01)),

- (b) a legal entity (see paragraph [3](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/3/2023-04-01)), or

- (c) a government or public authority (see paragraph [4](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/4/2023-04-01)).

#### Registrable beneficial owners: individuals

@@ -2199,9 +2199,9 @@

An individual is a “*registrable beneficial owner*” in relation to an overseas entity if the individual —

- (a) is a beneficial owner of the overseas entity (see Part [2](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/part/2/2023-01-16)), and

- (b) is not exempt from being registered (see Part [4](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/part/4/2023-01-16)).

- (a) is a beneficial owner of the overseas entity (see Part [2](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/part/2/2023-04-01)), and

- (b) is not exempt from being registered (see Part [4](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/part/4/2023-04-01)).

#### Registrable beneficial owners: legal entities

@@ -2209,17 +2209,17 @@

A legal entity other than a government or public authority is a “*registrable beneficial owner*” in relation to an overseas entity if it—

- (a) is a beneficial owner of the overseas entity (see Part [2](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/part/2/2023-01-16)),

- (b) is subject to its own disclosure requirements (see Part [3](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/part/3/2023-01-16)), and

- (c) is not exempt from being registered (see Part [4](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/part/4/2023-01-16)).

- (a) is a beneficial owner of the overseas entity (see Part [2](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/part/2/2023-04-01)),

- (b) is subject to its own disclosure requirements (see Part [3](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/part/3/2023-04-01)), and

- (c) is not exempt from being registered (see Part [4](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/part/4/2023-04-01)).

#### Registrable beneficial owners: government or public authority

##### 4

A government or public authority is a “*registrable beneficial owner*” in relation to an overseas entity in all cases where it is a beneficial owner of the entity (see Part [2](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/part/2/2023-01-16)).

## PART 2 — Meaning of “beneficial owner”

@@ -2263,7 +2263,7 @@

- (f) it is of a description specified by the Secretary of State in regulations under this paragraph.

- (2) Regulations under sub-paragraph [(1)(f)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/7/1/f/2023-01-16) are subject to the affirmative resolution procedure.

- (2) Regulations under sub-paragraph [(1)(f)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/7/1/f/2023-04-01) are subject to the affirmative resolution procedure.

## PART 4 — Beneficial owners exempt from registration

@@ -2271,21 +2271,21 @@

##### 8

For the purposes of paragraphs [2(b)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/2/b/2023-01-16) and [3(c)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/3/c/2023-01-16) a person who is a beneficial owner of an overseas entity is “exempt from being registered” if—

- (a) the person does not hold any interest in the overseas entity other than through one or more legal entities (see paragraph [9](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/9/2023-01-16)),

- (b) the person is a beneficial owner of every legal entity through which the person holds such an interest (see paragraph [9](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/9/2023-01-16)),

- (c) as respects any shares or right in the overseas entity which the person holds indirectly as described in paragraph [9(3)(b)(i)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/9/3/b/i/2023-01-16), the legal entity through which the shares or right are held is a beneficial owner of the overseas entity and is subject to its own disclosure requirements, and

- (d) as respects any shares or right in the overseas entity which the person holds indirectly as described in paragraph [9(3)(b)(ii)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/9/3/b/ii/2023-01-16), at least one of the legal entities in the chain is a beneficial owner of the overseas entity and is subject to its own disclosure requirements.

For the purposes of paragraphs [2(b)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/2/b/2023-04-01) and [3(c)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/3/c/2023-04-01) a person who is a beneficial owner of an overseas entity is “exempt from being registered” if—

- (c) as respects any shares or right in the overseas entity which the person holds indirectly as described in paragraph [9(3)(b)(i)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/9/3/b/i/2023-04-01), the legal entity through which the shares or right are held is a beneficial owner of the overseas entity and is subject to its own disclosure requirements, and

- (d) as respects any shares or right in the overseas entity which the person holds indirectly as described in paragraph [9(3)(b)(ii)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/9/3/b/ii/2023-04-01), at least one of the legal entities in the chain is a beneficial owner of the overseas entity and is subject to its own disclosure requirements.

#### Holding an interest in an overseas entity etc

##### 9

- (1) This paragraph specifies the circumstances in which, for the purposes of paragraph [8](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/8/2023-01-16)—

- (1) This paragraph specifies the circumstances in which, for the purposes of paragraph [8](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/8/2023-04-01)—

- (a) a person (“*V*”) is to be regarded as holding an interest in an overseas entity (“entity W”);

@@ -2303,7 +2303,7 @@

- (e) the following conditions are both satisfied—

- (i) the trustees of a trust, or the members of a partnership, unincorporated association or other entity, that is not a legal person under the law by which it is governed hold an interest in entity W in a way mentioned in any of paragraphs [(a)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/9/2/a/2023-01-16) to [(d)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/9/2/d/2023-01-16);

- (i) the trustees of a trust, or the members of a partnership, unincorporated association or other entity, that is not a legal person under the law by which it is governed hold an interest in entity W in a way mentioned in any of paragraphs [(a)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/9/2/a/2023-04-01) to [(d)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/9/2/d/2023-04-01);

- (ii) V has the right to exercise, or actually exercises, significant influence or control over the activities of that trust or entity.

@@ -2311,11 +2311,11 @@

- (a) holds an interest in entity W by virtue of indirectly holding shares or a right, and

- (b) does so by virtue of having a majority stake (see paragraph [18](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/18/2023-01-16)) in—

- (b) does so by virtue of having a majority stake (see paragraph [18](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/18/2023-04-01)) in—

- (i) a legal entity (“*L*”) which holds the shares or right directly, or

- (ii) a legal entity that is part of a chain of legal entities such as is described in paragraph [18(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/18/b/2023-01-16) or [(2)(b)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/18/2/b/2023-01-16) that includes L,

- (ii) a legal entity that is part of a chain of legal entities such as is described in paragraph [18(1)(b)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/18/b/2023-04-01) or [(2)(b)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/18/2/b/2023-04-01) that includes L,

V holds the interest in entity W throughLand, where relevant, through each other legal entity in the chain.

@@ -2447,7 +2447,7 @@

- (c) with that person’s consent or concurrence.

- (3) “*Arrangement*” has the meaning given in paragraph [12](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/12/2023-01-16)[(3)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/12/3/2023-01-16) and [(4)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/12/4/2023-01-16).

- (3) “*Arrangement*” has the meaning given in paragraph [12](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/12/2023-04-01)[(3)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/12/3/2023-04-01) and [(4)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/12/4/2023-04-01).

#### Rights exercisable only in certain circumstances etc

@@ -2485,9 +2485,9 @@

##### 23

- (1) A person does not meet Condition 1, 2 or 3 of paragraph [6](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/6/2023-01-16) in relation to an overseas entity by virtue only of being a limited partner.

- (2) A person does not meet Condition 1, 2 or 3 of paragraph [6](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/6/2023-01-16) in relation to an overseas entity by virtue only of, directly or indirectly—

- (1) A person does not meet Condition 1, 2 or 3 of paragraph [6](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/6/2023-04-01) in relation to an overseas entity by virtue only of being a limited partner.

- (2) A person does not meet Condition 1, 2 or 3 of paragraph [6](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/6/2023-04-01) in relation to an overseas entity by virtue only of, directly or indirectly—

- (a) holding shares, or

@@ -2495,7 +2495,7 @@

in or in relation to a limited partner.

- (3) Sub-paragraphs [(1)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/23/1/2023-01-16) and [(2)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/23/2/2023-01-16) do not apply for the purposes of determining whether the requirement set out in Condition 5(a) of paragraph [6](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/6/2023-01-16) is met.

- (3) Sub-paragraphs [(1)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/23/1/2023-04-01) and [(2)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/23/2/2023-04-01) do not apply for the purposes of determining whether the requirement set out in Condition 5(a) of paragraph [6](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/6/2023-04-01) is met.

- (4) In this paragraph “*limited partner*” means—

@@ -2533,9 +2533,9 @@

- (a) to replace any or all references in this Schedule to a percentage figure with references to some other (larger or smaller) percentage figure;

- (b) to change or supplement the conditions in paragraph [6](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/6/2023-01-16) so as to include circumstances (for example, circumstances involving more complex structures) that give individuals a level of control over entity Y broadly similar to the level of control given by the other conditions in that paragraph;

- (c) in consequence of any provision made by virtue of paragraph [(b)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/25/2/b/2023-01-16), to change or supplement paragraph [9](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/9/2023-01-16) so that the circumstances specified in that paragraph in which a person is to be regarded as holding an interest in an overseas entity correspond to any of the conditions in paragraph [6](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/6/2023-01-16), or would do so but for the extent of the interest.

- (b) to change or supplement the conditions in paragraph [6](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/6/2023-04-01) so as to include circumstances (for example, circumstances involving more complex structures) that give individuals a level of control over entity Y broadly similar to the level of control given by the other conditions in that paragraph;

- (c) in consequence of any provision made by virtue of paragraph [(b)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/25/2/b/2023-04-01), to change or supplement paragraph [9](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/9/2023-04-01) so that the circumstances specified in that paragraph in which a person is to be regarded as holding an interest in an overseas entity correspond to any of the conditions in paragraph [6](https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/6/2023-04-01), or would do so but for the extent of the interest.

- (3) Regulations under this paragraph are subject to the affirmative resolution procedure.

@@ -2619,7 +2619,7 @@

> (b) in relation to an offence committed after that time, 12 months.

> (9) Proceedings for an offence under this may only be brought by or with the consent the Secretary of State or the Director of Public Prosecutions.

> (7) In this Schedule—

> - “*exempt overseas entity*” means an overseas entity of a description specified in regulations under section 34[(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/6/2023-01-16) of the Economic Crime (Transparency and Enforcement) Act 2022;

> - “*exempt overseas entity*” means an overseas entity of a description specified in regulations under section 34[(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/6/2023-04-01) of the Economic Crime (Transparency and Enforcement) Act 2022;

> - “*overseas entity*” has the meaning given by section 2 of the Economic Crime (Transparency and Enforcement) Act 2022;

> - “*qualifying estate*” has the meaning given by paragraph [1](#p00347);

> - “*register of overseas entities*” means the register kept under section 3 of the Economic Crime (Transparency and Enforcement) Act 2022;

@@ -2661,13 +2661,13 @@

- (b) on conviction on indictment, to imprisonment for a term not exceeding 2 years or a fine (or both).

- (3) In sub-paragraph [(2)(a)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/3/paragraph/5/2/a/2023-01-16) “*the maximum summary term for either-way offences*” means—

- (3) In sub-paragraph [(2)(a)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/3/paragraph/5/2/a/2023-04-01) “*the maximum summary term for either-way offences*” means—

- (a) in relation to an offence committed before the time when paragraph 24(2) of Schedule 22 to the Sentencing Act 2020 comes into force, 6 months;

- (b) in relation to an offence committed after that time, 12 months.

- (4) In this paragraph “*exempt overseas entity*” means an overseas entity of a description specified in regulations under section 34[(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/6/2023-01-16).

- (5) Nothing in this paragraph limits the power to give a notice under section 34 at any time.

@@ -2681,7 +2681,7 @@

- (b) the entity became the registered proprietor of that estate in pursuance of an application made before the commencement date.

- (2) The Chief Land Registrar must comply with the duty to enter a restriction under paragraph [3](#p00348) of Schedule 4A to the Land Registration Act 2002 (inserted by Part [1](https://www.legislation.gov.uk/ukpga/2022/10/schedule/3/part/1/2023-01-16) of this Schedule) in relation to the estate as soon as reasonably practicable and in any event before the end of the transitional period.

- (2) The Chief Land Registrar must comply with the duty to enter a restriction under paragraph [3](#p00348) of Schedule 4A to the Land Registration Act 2002 (inserted by Part [1](https://www.legislation.gov.uk/ukpga/2022/10/schedule/3/part/1/2023-04-01) of this Schedule) in relation to the estate as soon as reasonably practicable and in any event before the end of the transitional period.

- (3) But the restriction does not take effect until the end of the transitional period.

@@ -2691,7 +2691,7 @@

In this Part of this Schedule—

- “*the commencement date*” means the day on which section 3[(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/3/1/2023-01-16) comes fully into force;

- “*the commencement date*” means the day on which section 3[(1)](https://www.legislation.gov.uk/ukpga/2022/10/section/3/1/2023-04-01) comes fully into force;

- “*registered proprietor*”, in relation to a qualifying estate, means the person entered as proprietor of the estate in the register of title kept by the Chief Land Registrar;

@@ -2885,7 +2885,7 @@

> (9)

> (1) In this schedule—

> - “*the commencement date*” means the day on which Part 1 of Schedule 4 to the Economic Crime (Transparency and Enforcement) Act 2022 comes into force;

> - “*exempt overseas entity*” means an overseas entity of a description specified in regulations under section 34[(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/6/2023-04-01) of the Economic Crime (Transparency and Enforcement) Act 2022;

> - “*overseas entity*” has the meaning given by section 2 of the Economic Crime (Transparency and Enforcement) Act 2022;

> - “*qualifying registrable deed*” means a registrable deed which is—a disposition;a lease;an assignation of a lease;

> - “*register of overseas entities*” means the register kept under section 3 of the Economic Crime (Transparency and Enforcement) Act 2022;

@@ -2909,7 +2909,7 @@

- (2) An overseas entity, and every officer of the entity who is in default, commits an offence if—

- (a) on the expiry of the transitional period, the paragraph of sub-paragraph [(1)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/4/paragraph/10/1/2023-01-16) that applied in relation to the overseas entity immediately before the beginning of the transitional period continues to apply in relation to the overseas entity, and

- (a) on the expiry of the transitional period, the paragraph of sub-paragraph [(1)](https://www.legislation.gov.uk/ukpga/2022/10/schedule/4/paragraph/10/1/2023-04-01) that applied in relation to the overseas entity immediately before the beginning of the transitional period continues to apply in relation to the overseas entity, and

- (b) the entity is not registered as an overseas entity, has not made an application for registration as an overseas entity that is pending and is not an exempt overseas entity.

@@ -2947,7 +2947,7 @@

- “*the commencement date*” means the day on which section 3(1) comes fully into force;

- “*exempt overseas entity*” means an overseas entity of a description specified in regulations under section 34[(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/6/2023-01-16);

- “*exempt overseas entity*” means an overseas entity of a description specified in regulations under section 34[(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/6/2023-04-01);

- “*lease*” has the meaning given by section 113(1) of the Land Registration etc. (Scotland) Act 2012;

@@ -2957,7 +2957,7 @@

- “*proprietor*” has the meaning given by section 113(1) of the Land Registration etc. (Scotland) Act 2012;

- “*transitional period*” has the meaning given by section 41[(10)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/10/2023-01-16).

- “*transitional period*” has the meaning given by section 41[(10)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/10/2023-04-01).

##### 13

@@ -2973,7 +2973,7 @@

- (1) The Secretary of State may by regulations make further or alternative provision for the purpose of requiring or encouraging an overseas entity that owns or holds a right or interest in or over land in Scotland, or enters into land transactions in Scotland, to register as an overseas entity.

- (2) No regulations may be made under this paragraph after the end of the transitional period (within the meaning given by section 41[(10)](https://www.legislation.gov.uk/ukpga/2022/10/section/41/10/2023-01-16)).

- (3) Regulations under this paragraph may amend, repeal or revoke provision made by this Schedule, or any provision made by or under any other Act or Act of the Scottish Parliament, made—

@@ -2981,7 +2981,7 @@

- (b) later in the same session of Parliament as this Act.

- (4) The provision which may be made by regulations under this paragraph by virtue of section 67[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/67/3/2023-01-16) includes (in addition to provision of the kind mentioned in sub-paragraph (3)) provision amending any other provision of this Part of this Act.

- (4) The provision which may be made by regulations under this paragraph by virtue of section 67[(3)](https://www.legislation.gov.uk/ukpga/2022/10/section/67/3/2023-04-01) includes (in addition to provision of the kind mentioned in sub-paragraph (3)) provision amending any other provision of this Part of this Act.

- (5) The Secretary of State must consult the Scottish Ministers before making regulations under this paragraph that contain provision that would be within the legislative competence of the Scottish Parliament if contained in an Act of that Parliament.

@@ -3062,7 +3062,7 @@

> (b) on conviction on indictment, to imprisonment for a term not exceeding 5 years or a fine (or both).

> (8) Proceedings for an offence under this paragraph may only be brought by or with the consent the Secretary of State or the Director of Public Prosecutions for Northern Ireland.

> (6) In this Schedule—

> - “*exempt overseas entity*” means an overseas entity of a description specified in regulations under section 34[(6)](https://www.legislation.gov.uk/ukpga/2022/10/section/34/6/2023-04-01) of the Economic Crime (Transparency and Enforcement) Act 2022;

> - “*overseas entity*” has the meaning given by section 2 of the Economic Crime (Transparency and Enforcement) Act 2022;

> - “*qualifying estate*” has the meaning given by paragraph [1](#p00397);

> - “*register of overseas entities*” means the register kept under section 3 of the Economic Crime (Transparency and Enforcement) Act 2022;

@@ -3863,12 +3863,16 @@

[^key-bb1a1ba4ca921bafedab4ab928927db3]: [S. 8](https://www.legislation.gov.uk/ukpga/2022/10/section/8) in force at 16.1.2023 by [S.I. 2022/1039](https://www.legislation.gov.uk/uksi/2022/1039), [reg. 3(b)](https://www.legislation.gov.uk/uksi/2022/1039/regulation/3/b)

[^key-a4970b337ad67890d8b48a1b6d55b723]: [S. 22](https://www.legislation.gov.uk/ukpga/2022/10/section/22) modified by [S.I. 2017/692](https://www.legislation.gov.uk/uksi/2017/692), [reg. 30A(6)](https://www.legislation.gov.uk/uksi/2017/692/regulation/30A/6) (as substituted (1.4.2023) by [The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860)](https://www.legislation.gov.uk/uksi/2022/860), [regs. 1(4)](https://www.legislation.gov.uk/uksi/2022/860/regulation/1/4), [9(h)](https://www.legislation.gov.uk/uksi/2022/860/regulation/9/h))

[^key-3c68d39dd335bd15e86adddf8e438dda]: [S. 29A](https://www.legislation.gov.uk/ukpga/2022/10/section/29A) inserted (1.4.2023) by [The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860)](https://www.legislation.gov.uk/uksi/2022/860), [regs. 1(4)](https://www.legislation.gov.uk/uksi/2022/860/regulation/1/4), [17](https://www.legislation.gov.uk/uksi/2022/860/regulation/17)

[^M_C_685143b5-3bd2-4e93-ad97-192e41c04023]: S. 20 modified (1.8.2022) by [The Register of Overseas Entities (Verification and Provision of Information) Regulations 2022 (S.I. 2022/725)](https://www.legislation.gov.uk/uksi/2022/725), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2022/725/regulation/1/1), [11](https://www.legislation.gov.uk/uksi/2022/725/regulation/11)

[^M_C_50539855-d50c-4fa5-c274-646961c0419c]: S. 30 modified (1.8.2022) by [The Register of Overseas Entities (Verification and Provision of Information) Regulations 2022 (S.I. 2022/725)](https://www.legislation.gov.uk/uksi/2022/725), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2022/725/regulation/1/1), [13](https://www.legislation.gov.uk/uksi/2022/725/regulation/13)

[^M_C_06b2978c-b548-4844-bef0-8001d21c3d05]: S. 28 modified (1.8.2022) by [The Register of Overseas Entities (Verification and Provision of Information) Regulations 2022 (S.I. 2022/725)](https://www.legislation.gov.uk/uksi/2022/725), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2022/725/regulation/1/1), [12](https://www.legislation.gov.uk/uksi/2022/725/regulation/12)

#### Overview

#### Definition of “overseas entity” etc

@@ -3921,10 +3925,10 @@

#### Data protection

#### Resolving inconsistencies in the register

#### Administrative removal of material from register

#### Court order to rectify register

#### General false statement offence

@@ -4022,3 +4026,99 @@

#### Conveyancing (Scotland) Act 1924

#### Land Registration etc. (Scotland) Act 2012 (asp 5)

##### 29A

- (1) This section applies where—

- (a) a material discrepancy in information relating to any registrable beneficial owner is reported to the registrar under regulation 30A(2) or (2B) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (requirement to report discrepancies in information about beneficial ownership), and

- (b) the registrar determines, having investigated under regulation 30A(5) of those Regulations, that there is a material discrepancy.

- (2) The registrar may remove material from the register if doing so is necessary to resolve the discrepancy.

#### General false statement offence

#### Land ownership and transactions

#### Power to require overseas entity to register if it owns certain land

#### Liability of officers in default

#### Meaning of “daily default fine”

#### Consent required for prosecutions

#### Further provision about proceedings

#### Financial penalties

#### Sharing of information by HMRC

#### Applications in the transitional period: information about land transactions

#### Requirement for certain unregistered overseas entities to provide information

#### Section 42: supplementary

#### Interpretation

#### Imposition of unexplained wealth orders on officers etc of property holder: England and Wales and Northern Ireland

#### Imposition of unexplained wealth orders on officers etc of property holder: Scotland

#### Alternative test to the income requirement: England and Wales and Northern Ireland

#### Alternative test to the income requirement: Scotland

#### Power to extend period for which interim freezing order has effect: England and Wales and Northern Ireland

#### Power to extend period for which interim freezing order has effect: Scotland

#### Annual reports on use of unexplained wealth orders: England and Wales

#### Limits on costs orders in relation to unexplained wealth orders: England and Wales and Northern Ireland

#### Limits on expenses orders in relation to unexplained wealth orders: Scotland

#### Imposition of monetary penalties

#### Procedural rights

#### Reporting on breach of financial sanctions

#### Streamlining process of making sanctions regulations

#### Urgent designation of persons by name

#### Urgent designation of persons by description

#### Specified ships

#### Existing sanctions regulations

#### Removal of reporting requirements

#### Court reviews: restrictions regarding damages

#### Sharing of information

#### Consequential provision

#### Regulations

#### Extent

#### Commencement

#### Short title

#### Individuals

#### Duty of proprietor to register as an overseas entity within transitional period

#### Registrar’s duty to enter restriction in relation to qualifying estate

#### Interpretation

#### Conveyancing (Scotland) Act 1924

2023-01-16

Economic Crime (Transparency and Enforcement) Act 2022

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Economic Crime (Transparency and Enforcement) Act 2022

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Economic Crime (Transparency and Enforcement) Act 2022

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Economic Crime (Transparency and Enforcement) Act 2022

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