Economic Crime (Transparency and Enforcement) Act 2022 · PART 1 Registration of overseas entities

42 Requirement for certain unregistered overseas entities to provide information

s. 42 · in force: yes

Captured statutory text (L5)

42 Requirement for certain unregistered overseas entities to provide information

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

(a)at any time during the period beginning with 28 February 2022 and ending with the end of the transitional period, the entity has made a relevant disposition of land,

(b)at the end of the transitional period the entity—

(i)is not registered as an overseas entity,

(ii)has not made an application for registration as an overseas entity that is pending, and

(iii)is not an exempt overseas entity, and

(c)the entity has not, after making the relevant disposition of land and before the end of the transitional period, delivered to the registrar—

(i)statements and information of the kind mentioned in paragraphs (a), (b), (c) and (d) of section 4(1), expressed by reference to the state of affairs immediately before the making of the relevant disposition of land, and

(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) 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).

(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) 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) 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;

(b)in Scotland or Northern Ireland, to a fine not exceeding one half of level 5 on the standard scale for each day on which the contravention continues and the person is in default.

(6)In this section— “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); “transitional period” has the meaning given by section 41(10).

Full captured verbatim text

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

(a) at any time during the period beginning with 28 February 2022 and ending with the end of the transitional period, the entity has made a relevant disposition of land,

(b) at the end of the transitional period the entity—

(i) is not registered as an overseas entity,

(ii) has not made an application for registration as an overseas entity that is pending, and

(iii) is not an exempt overseas entity, and

(c) the entity has not, after making the relevant disposition of land and before the end of the transitional period, delivered to the registrar—

(i) statements and information of the kind mentioned in paragraphs (a), (b), (c) and (d) of section 4(1), expressed by reference to the state of affairs immediately before the making of the relevant disposition of land, and

(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) 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).

(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) 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) 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;

(b) in Scotland or Northern Ireland, to a fine not exceeding one half of level 5 on the standard scale for each day on which the contravention continues and the person is in default.

(6) In this section—

“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);

“transitional period” has the meaning given by section 41(10).

What this provision means

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Refers to

cross-reference internal_cite · s. 34

cross-reference internal_cite · s. 4

cross-reference internal_cite · s. 41

cross-reference internal_cite · s. 42

Referred to by

cross-reference internal_cite · s. 13

cross-reference internal_cite · s. 42

cross-reference internal_cite · s. 43

cross-reference internal_cite · s. 44

Part summaries

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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: PART 1 Registration of overseas entities
Version: 182e65dd10498ae86ea06030…
Content hash: sha256 f2d1dd89c32b507681d16afc…
Source: legislation.gov.uk/ukpga/2022/10