Economic Crime (Transparency and Enforcement) Act 2022 · SCHEDULE 6

5 Information about changes in trusts of which registrable beneficial owners trustees

Sch. 6 para. 5 · in force: yes

Captured statutory text (L5)

5 Information about changes in trusts of which registrable beneficial owners trustees

(1)The overseas entity must deliver to the registrar—

(a)a statement that the entity has no reasonable cause to believe that there is any person who—

(i)at the end of the relevant period, was a registrable beneficial owner of the entity by virtue of being a trustee of a trust,

(ii)at any time during the relevant period was a registrable beneficial owner by virtue of being a trustee of a different trust, and

(iii)at the end of the relevant period was not a registrable beneficial owner of the entity by virtue of being a trustee of the trust mentioned in sub-paragraph (ii), or

(b)a statement that the entity has reasonable cause to believe that there is at least one such person.

(2)Where a statement is delivered under sub-paragraph (1)(b) the overseas entity must deliver to the registrar—

(a)the required information about each trust by virtue of which a trustee was a registrable beneficial owner of the entity at any time during the relevant period, or so much of that information as the overseas entity has been able to obtain, and

(b)in relation to each such trust, 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.

(3)Statements required by this paragraph to be delivered to the registrar must relate to the time when they are delivered.

(4)Information required by sub-paragraph (2)(a) to be delivered to the registrar must relate to the state of affairs—

(a)at the beginning of the relevant period, if the registrable beneficial owner was a trustee of the trust at that time, and

(b)otherwise, at the time at which the registrable beneficial owner became a trustee of the trust.

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

Full captured verbatim text

(1) The overseas entity must deliver to the registrar—

(a) a statement that the entity has no reasonable cause to believe that there is any person who—

(i) at the end of the relevant period, was a registrable beneficial owner of the entity by virtue of being a trustee of a trust,

(ii) at any time during the relevant period was a registrable beneficial owner by virtue of being a trustee of a different trust, and

(iii) at the end of the relevant period was not a registrable beneficial owner of the entity by virtue of being a trustee of the trust mentioned in sub-paragraph (ii), or

(b) a statement that the entity has reasonable cause to believe that there is at least one such person.

(2) Where a statement is delivered under sub-paragraph (1)(b) the overseas entity must deliver to the registrar—

(a) the required information about each trust by virtue of which a trustee was a registrable beneficial owner of the entity at any time during the relevant period, or so much of that information as the overseas entity has been able to obtain, and

(b) in relation to each such trust, 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.

(3) Statements required by this paragraph to be delivered to the registrar must relate to the time when they are delivered.

(4) Information required by sub-paragraph (2)(a) to be delivered to the registrar must relate to the state of affairs—

(a) at the beginning of the relevant period, if the registrable beneficial owner was a trustee of the trust at that time, and

(b) otherwise, at the time at which the registrable beneficial owner became a trustee of the trust.

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

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 must report on registrable beneficial owners who were trustees of different trusts during the relevant 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. 1 para. 1

schedule ref schedule_ref · Sch. 1 para. 10

schedule ref schedule_ref · Sch. 1 para. 2

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 · Sch. 1 para. 6

schedule ref schedule_ref · Sch. 1 para. 7

schedule ref schedule_ref · Sch. 1 para. 8

schedule ref schedule_ref · Sch. 1 para. 9

Referred to by

schedule ref schedule_ref · s. 10

schedule ref schedule_ref · s. 16

schedule ref schedule_ref · s. 22

schedule ref schedule_ref · s. 43A

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)

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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: SCHEDULE 6
Version: 182e65dd10498ae86ea06030…
Content hash: sha256 cb4b78018df36eb1d9239fd7…
Source: legislation.gov.uk/ukpga/2022/10