Economic Crime (Transparency and Enforcement) Act 2022 · PART 2 Transition: qualifying estates registered pre-commencement

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

Sch. 3 para. 5 · in force: yes

Captured statutory text (L5)

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

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

(a)at the end of the transitional period, the entity—

(i)is the registered proprietor of a qualifying estate, but

(ii)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, and

(b)the entity became the registered proprietor of that qualifying estate in pursuance of an application made on or after 1 January 1999 but before the commencement date.

(2)A person guilty of an offence under this paragraph is liable—

(a)on summary conviction, to imprisonment for a term not exceeding the maximum summary term for either-way offences or a fine (or both);

(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) “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).

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

Full captured verbatim text

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

(a) at the end of the transitional period, the entity—

(i) is the registered proprietor of a qualifying estate, but

(ii) 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, and

(b) the entity became the registered proprietor of that qualifying estate in pursuance of an application made on or after 1 January 1999 but before the commencement date.

(2) A person guilty of an offence under this paragraph is liable—

(a) on summary conviction, to imprisonment for a term not exceeding the maximum summary term for either-way offences or a fine (or both);

(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) “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).

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

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

Overseas entities holding qualifying estates acquired between 1 January 1999 and commencement commit an offence if unregistered after the transitional period.

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

Refers to

schedule ref schedule_ref · Sch. 3 para. 5

cross-reference internal_cite · s. 34

Referred to by

schedule ref schedule_ref · Sch. 3 para. 5

schedule ref schedule_ref · Sch. 6 para. 1

schedule ref schedule_ref · s. 33

schedule ref schedule_ref · s. 41

schedule ref schedule_ref · s. 68

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

synthesis coverage: missing evaluation uk:ukpga/2022/10#section-1

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synthesis coverage: missing evaluation uk:ukpga/2022/10#section-7

synthesis coverage: missing evaluation uk:ukpga/2022/10#section-8

synthesis coverage: missing evaluation uk:ukpga/2022/10#section-9

synthesis coverage: missing evaluation uk:ukpga/2022/10#section-10

synthesis coverage: missing evaluation uk:ukpga/2022/10#section-11

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synthesis coverage: missing/unverified L2 part-1

synthesis coverage: missing evaluation uk:ukpga/2022/10#section-28

synthesis coverage: missing evaluation uk:ukpga/2022/10#section-28A

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

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synthesis coverage: missing/unverified L2 part-3-chapter-2

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

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synthesis coverage: missing/unverified L2 schedule-5

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synthesis coverage: missing/unverified L2 schedule-6

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synthesis coverage: missing evaluation uk:ukpga/2022/10#schedule-6-paragraph-9

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 Transition: qualifying estates registered pre-commencement
Version: 182e65dd10498ae86ea06030…
Content hash: sha256 45497a9a82da40c3a9562da8…
Source: legislation.gov.uk/ukpga/2022/10