National Security and Investment Act 2021

11 Exceptions relating to control of assets

(1) For the purposes of this Act a person is not to be regarded as gaining control of a qualifying asset by reason of an acquisition made by an individual for purposes that are wholly or mainly outside the individual’s trade, business or craft.

(2) Subsection (1) does not apply in relation to an asset that—

(a) is land, or

(b) falls within any of the following (as it has effect from time to time)—

(i) the Schedule to the Export of Radioactive Sources (Control) Order 2006 (S.I. 2006/1846),

(ii) article 4A of, or Schedule 2 or 3 to, the Export Control Order 2008 (S.I. 2008/3231),

(iii) Annex I or IV to Council Regulation (EC) No 428/2009 of 5 May 2009,

(iv) Annex I to Regulation (EU) No 258/2012 of the European Parliament and of the Council of 14 March 2012,

(v) Annex II or III to Regulation (EU) 2019/125 of the European Parliament and of the Council of 1 January 2019.

(3) The Secretary of State may by regulations—

(a) amend subsection (2) so as to add, vary or remove any asset or description of asset,

(b) prescribe other circumstances, or descriptions of circumstances, in which a person is not to be regarded for the purposes of this Act as gaining control of a qualifying asset.