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

10 Duty to register as an overseas entity within transitional period

Sch. 4 para. 10 · in force: yes

Captured statutory text (L5)

10 Duty to register as an overseas entity within transitional period

(1)This paragraph applies where—

(a)an overseas entity is entered as proprietor in the proprietorship section of the title sheet for a plot of land that is registered in the Land Register of Scotland, having been so entered during the pre-commencement period,

(b)in relation to a lease that was recorded in the General Register of Sasines or registered in the Land Register of Scotland before 8 December 2014, an overseas entity is, by virtue of an assignation of the lease registered in the Land Register of Scotland during the pre-commencement period, the tenant under the lease, or

(c)an overseas entity is the tenant under a lease that was registered in the Land Register of Scotland during the pre-commencement period.

(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) 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.

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

(a)on summary conviction, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum (or both);

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

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

Full captured verbatim text

(1) This paragraph applies where—

(a) an overseas entity is entered as proprietor in the proprietorship section of the title sheet for a plot of land that is registered in the Land Register of Scotland, having been so entered during the pre-commencement period,

(b) in relation to a lease that was recorded in the General Register of Sasines or registered in the Land Register of Scotland before 8 December 2014, an overseas entity is, by virtue of an assignation of the lease registered in the Land Register of Scotland during the pre-commencement period, the tenant under the lease, or

(c) an overseas entity is the tenant under a lease that was registered in the Land Register of Scotland during the pre-commencement period.

(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) 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.

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

(a) on summary conviction, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum (or both);

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

(4) 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 pre-commencement Scottish land or leases commit an offence if not registered upon transitional period expiry.

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

Refers to

schedule ref schedule_ref · Sch. 4 para. 10

cross-reference internal_cite · s. 34

Referred to by

schedule ref schedule_ref · Sch. 3 para. 3

schedule ref schedule_ref · Sch. 4 para. 10

schedule ref schedule_ref · Sch. 4 para. 9

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

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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 Transition: deeds registered pre-commencement
Version: 182e65dd10498ae86ea06030…
Content hash: sha256 1b17e288855d819492927cd6…
Source: legislation.gov.uk/ukpga/2022/10