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Changes over time for: Section 161
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 04/03/2024.
Changes to legislation:
There are currently no known outstanding effects for the Economic Crime and Corporate Transparency Act 2023, Section 161.
Changes to Legislation
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161Registrable beneficial owners: cases involving trustsU.K.
This section has no associated Explanatory Notes
(1)Schedule 2 to the Economic Crime (Transparency and Enforcement) Act 2022 (registrable beneficial owners) is amended in accordance with subsections (2) to (5).
(2)In paragraph 3 (legal entities), in paragraph (b), after “(see Part 3)” insert “or is a beneficial owner of the overseas entity by virtue of being a trustee”.
(3)In paragraph 8 (beneficial owners exempt from registration), after paragraph (b) insert—
“(ba)the person is not a beneficial owner of the overseas entity by virtue of being a trustee,”.
(4)For the heading of Part 6 substitute “Powers to amend this Schedule”.
(5)Before paragraph 25 insert—
“Expansion of meaning of “registrable beneficial owner” where trusts in view
24A(1)The Secretary of State may by regulations amend this Schedule so as to expand the description of persons who are registrable beneficial owners of an overseas entity in circumstances where the overseas entity is part of a chain of entities that includes a trustee.
(2)For these purposes an overseas entity is part of a chain of entities that includes a trustee if there is a legal entity which is a beneficial owner of it by virtue of being a trustee.
(3)Regulations under this paragraph are subject to the affirmative resolution procedure.
Power to amend thresholds etc”.
(6)Regulation 14 of the Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022 (S.I. 2022/870) (description of legal entity subject to its own disclosure requirements) is revoked.
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