Economic Crime (Transparency and Enforcement) Act 2022 · PART 2 Meaning of “beneficial owner”

6A Persons treated as beneficial owners where entity holds land as nominee

Sch. 2 para. 6A · in force: yes

Captured statutory text (L5)

6A Persons treated as beneficial owners where entity holds land as nominee

A person (“X”) is to be treated as a beneficial owner of an overseas entity (“Y”) if one or more of the following conditions are met.

Y holds land in England or Wales as nominee for X Condition 1 is that Y— is registered in the register of title kept under the Land Registration Act 2002 as the proprietor of a qualifying estate within the meaning of Schedule 4A to that Act, became so registered in pursuance of an application made on or after 1 January 1999, and holds the qualifying estate as nominee for— X, or an entity of which X is a beneficial owner by virtue of paragraph 6. Y holds land in Scotland as nominee for X Condition 2 is that— Y— holds an interest in land by virtue of being entered, on or after 8 December 2014, as proprietor in the proprietorship section of the title sheet for a plot of land that is registered in the Land Register of Scotland, is, in relation to a lease that was recorded in the General Register of Sasines or registered in the Land Register of Scotland before that date, by virtue of an assignation of the lease registered in the Land Register of Scotland on or after that date, the tenant under the lease, or is the tenant under a lease that was registered in the Land Register of Scotland on or after that date, and Y holds the interest in land referred to in paragraph (a)(i), (ii) or (iii) as nominee for— X, or an entity of which X is a beneficial owner by virtue of paragraph 6. Y holds land in Northern Ireland as nominee for X Condition 3 is that Y— is registered in the register kept under the and Registration Act (Northern Ireland) 1970 (c. 18 (N.I.)) as the owner of a qualifying estate within the meaning of Schedule 8A to that Act, became so registered on or after the day on which that Schedule came into force, and holds the qualifying estate as nominee for— X, or an entity of which X is a beneficial owner by virtue of paragraph 6.

Full captured verbatim text

A person (“X”) is to be treated as a beneficial owner of an overseas entity (“Y”) if one or more of the following conditions are met.

Y holds land in England or Wales as nominee for X

Condition 1 is that Y—

is registered in the register of title kept under the Land Registration Act 2002 as the proprietor of a qualifying estate within the meaning of Schedule 4A to that Act,

became so registered in pursuance of an application made on or after 1 January 1999, and

holds the qualifying estate as nominee for—

X, or

an entity of which X is a beneficial owner by virtue of paragraph 6.

Y holds land in Scotland as nominee for X

Condition 2 is that—

Y—

holds an interest in land by virtue of being entered, on or after 8 December 2014, as proprietor in the proprietorship section of the title sheet for a plot of land that is registered in the Land Register of Scotland,

is, in relation to a lease that was recorded in the General Register of Sasines or registered in the Land Register of Scotland before that date, by virtue of an assignation of the lease registered in the Land Register of Scotland on or after that date, the tenant under the lease, or

is the tenant under a lease that was registered in the Land Register of Scotland on or after that date, and

Y holds the interest in land referred to in paragraph (a)(i), (ii) or (iii) as nominee for—

X, or

an entity of which X is a beneficial owner by virtue of paragraph 6.

Y holds land in Northern Ireland as nominee for X

Condition 3 is that Y—

is registered in the register kept under the and Registration Act (Northern Ireland) 1970 (c. 18 (N.I.)) as the owner of a qualifying estate within the meaning of Schedule 8A to that Act,

became so registered on or after the day on which that Schedule came into force, and

holds the qualifying estate as nominee for—

X, or

an entity of which X is a beneficial owner by virtue of paragraph 6.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 2/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

A person is treated as a beneficial owner when an overseas entity holds qualifying land as nominee for them.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

No captured references.

Referred to by

schedule ref schedule_ref · Sch. 1 para. 3

schedule ref schedule_ref · Sch. 1 para. 4

schedule ref schedule_ref · Sch. 1 para. 5

schedule ref schedule_ref · s. 4

schedule ref schedule_ref · s. 44

schedule ref schedule_ref · s. 63

Part summaries

0 of 0 parts have a verified summary.

L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (173)

synthesis coverage: missing/unverified L2 part-1

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synthesis coverage: missing/unverified L2 schedule-3-part-1

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synthesis coverage: missing/unverified L2 schedule-6

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Instrument tier unavailable

Change history as published

S. 29 omitted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 170(1)(b), 219(1)(2)(b); S.I. 2024/269, reg. 2(z54)

S. 29A omitted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 170(1)(b), 219(1)(2)(b); S.I. 2024/269, reg. 2(z54)

Pending effects amendments not yet applied to this text

No captured pending effects.

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:ukpga/2022/10
Part: PART 2 Meaning of “beneficial owner”
Version: 182e65dd10498ae86ea06030…
Content hash: sha256 90c9722c6d94827c4a1e7b79…
Source: legislation.gov.uk/ukpga/2022/10