Search Legislation

Economic Crime (Transparency and Enforcement) Act 2022

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes to legislation:

There are currently no known outstanding effects for the Economic Crime (Transparency and Enforcement) Act 2022, Cross Heading: Land ownership and transactions. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Land ownership and transactionsU.K.

33Land ownership and transactionsU.K.

(1)Schedule 3 contains amendments about—

(a)the ownership of registered land in England and Wales by overseas entities, and

(b)land transactions in England and Wales involving overseas entities.

(2)Schedule 4—

(a)makes similar provision for Scotland, and

(b)confers a related power to make further or alternative provision (see Part 3 of the Schedule).

(3)Schedule 5 makes similar provision for Northern Ireland.

(4)The Secretary of State may by regulations amend Schedule 8A to the Land Registration Act (Northern Ireland) 1970 (inserted by Schedule 5 to this Act) to make provision similar or corresponding to the provision made by paragraphs 3(2)(e), 4(2)(e) and 5 of Schedule 4A to the Land Registration Act 2002 (inserted by Schedule 3 to this Act) (including the provision to make subordinate legislation).

(5)The provision which may be made by regulations under subsection (4) by virtue of section 67(3) includes provision amending other provisions of the Land Registration (Northern Ireland) Act 1970.

(6)The Secretary of State must consult the Department of Finance in Northern Ireland before making regulations under subsection (4).

(7)Regulations under subsection (4) are subject to the affirmative resolution procedure.

Commencement Information

I1S. 33 not in force at Royal Assent, see s. 69

I2S. 33 in force at 5.9.2022 by S.I. 2022/876, reg. 4(a)

34Power to require overseas entity to register if it owns certain landU.K.

(1)The Secretary of State may by notice require an overseas entity to apply for registration in the register of overseas entities within the period of 6 months beginning with the date of the notice if at the time the notice is given—

(a)the entity is registered as the proprietor of a relevant interest in land within the meaning given by section 9(10), and

(b)the entity is not registered as an overseas entity, has not made an application for registration that is pending and is not an exempt overseas entity.

(2)A notice under subsection (1) lapses if, before the end of the period mentioned there, the overseas entity—

(a)ceases to be registered as the proprietor of a relevant interest in land within the meaning given by section 9(10), or

(b)becomes an exempt overseas entity.

(3)If an overseas entity fails to comply with a notice under subsection (1), an offence is committed by—

(a)the entity, and

(b)every officer of the entity who is in default.

(4)A person guilty of an offence under subsection (3) is liable—

(a)on summary conviction in England and Wales, to imprisonment for [F1a term not exceeding the general limit in a magistrates’ court] or a fine (or both);

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

(c)on summary conviction in Northern Ireland, to imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum (or both);

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

F2(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)In this section “exempt overseas entity” means an overseas entity of such description as may be specified in regulations made by the Secretary of State for the purposes of this section.

(7)Regulations under subsection (6) are subject to the affirmative resolution procedure.

Textual Amendments

F1Words in s. 34(4)(a) substituted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 173(2)(a), 219(1)(2)(b); S.I. 2024/269, reg. 2(z57)

F2S. 34(5) 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. 173(2)(b), 219(1)(2)(b); S.I. 2024/269, reg. 2(z57)

Commencement Information

I3S. 34 not in force at Royal Assent, see s. 69

I4S. 34 in force at 5.9.2022 by S.I. 2022/876, reg. 4(a)

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

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.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources