SCHEDULES

SCHEDULE 2U.K.Registrable beneficial owners

PART 1U.K.Meaning of “registrable beneficial owner”

IntroductionU.K.

1(1)This Part defines “registrable beneficial owner” for the purposes of this Part of this Act.

(2)A registrable beneficial owner may be—

(a)an individual (see paragraph 2),

(b)a legal entity (see paragraph 3), or

(c)a government or public authority (see paragraph 4).

Commencement Information

I1Sch. 2 para. 1 not in force at Royal Assent, see s. 69

I2Sch. 2 para. 1 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

I3Sch. 2 para. 1 in force in so far as not already in force at 12.10.2022 by S.I. 2022/1039, reg. 2(b)

Registrable beneficial owners: individualsU.K.

2[F1(1)]An individual is a “registrable beneficial owner” in relation to an overseas entity if the individual —

(a)is a beneficial owner of the overseas entity [F2by virtue of paragraph 6], and

(b)is not exempt from being registered (see Part 4).

[F3(2)An individual is also a “registrable beneficial owner” in relation to an overseas entity if the individual is treated as a beneficial owner of the overseas entity by virtue of paragraph 6A.]

Textual Amendments

F1Sch. 2 para. 2 renumbered as Sch. 2 para. 2(1) (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. 162(3)(a)(i), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

F2Words in Sch. 2 para. 2(1)(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. 162(3)(a)(ii), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

F3Sch. 2 para. 2(2) inserted (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. 162(3)(a)(iii), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

Commencement Information

I4Sch. 2 para. 2 not in force at Royal Assent, see s. 69

I5Sch. 2 para. 2 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

I6Sch. 2 para. 2 in force in so far as not already in force at 12.10.2022 by S.I. 2022/1039, reg. 2(b)

Registrable beneficial owners: legal entitiesU.K.

3[F4(1)]A legal entity other than a government or public authority is a “registrable beneficial owner” in relation to an overseas entity if it—

(a)is a beneficial owner of the overseas entity [F5by virtue of paragraph 6],

(b)is subject to its own disclosure requirements (see Part 3) [F6or is a beneficial owner of the overseas entity by virtue of being a trustee], and

(c)is not exempt from being registered (see Part 4).

[F7(2)A legal entity other than a government or public authority is also a “registrable beneficial owner” in relation to an overseas entity if it is treated as a beneficial owner of the overseas entity by virtue of paragraph 6A.]

Textual Amendments

F4Sch. 2 para. 3 renumbered as Sch. 2 para. 3(1) (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. 162(3)(b)(i), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

F5Words in Sch. 2 para. 3(1)(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. 162(3)(b)(ii), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

F6Words in Sch. 2 para. 3(b) inserted (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. 161(2), 219(1)(2)(b); S.I. 2024/269, reg. 2(z49) (with reg. 6)

F7Sch. 2 para. 3(2) inserted (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. 162(3)(b)(iii), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

Commencement Information

I7Sch. 2 para. 3 not in force at Royal Assent, see s. 69

I8Sch. 2 para. 3 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

I9Sch. 2 para. 3 in force at 12.10.2022 by S.I. 2022/1039, reg. 2(b)

Registrable beneficial owners: government or public authorityU.K.

4[F8(1)]A government or public authority is a “registrable beneficial owner” in relation to an overseas entity in all cases where it is a beneficial owner of the entity [F9by virtue of paragraph 6].

[F10(2)A government or public authority is also a “registrable beneficial owner” in relation to an overseas entity if it is treated as a beneficial owner of the overseas entity by virtue of paragraph 6A.]

Textual Amendments

F8 Sch. 2 para. 4 renumbered as Sch. 2 para. 4(1) (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. 162(3)(c)(i), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

F9Words in Sch. 2 para. 4(1) 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. 162(3)(c)(ii), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

F10Sch. 2 para. 4(2) inserted (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. 162(3)(c)(iii), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

Commencement Information

I10Sch. 2 para. 4 not in force at Royal Assent, see s. 69

I11Sch. 2 para. 4 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

I12Sch. 2 para. 4 in force at 12.10.2022 by S.I. 2022/1039, reg. 2(b)