- Latest available (Revised)
- Point in Time (05/09/2022)
- Original (As enacted)
Point in time view as at 05/09/2022.
There are currently no known outstanding effects for the Economic Crime (Transparency and Enforcement) Act 2022, SCHEDULE 5.
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.
Section 33(3)
1N.I.The Land Registration Act (Northern Ireland) 1970 is amended as follows.
Commencement Information
I1Sch. 5 para. 1 not in force at Royal Assent, see s. 69
I2Sch. 5 para. 1 in force at 5.9.2022 by S.I. 2022/876, reg. 4(c)
2N.I.After section 61 insert—
Schedule 8A is about the ownership of registered land by overseas entities and about registrable dispositions made by them.”
Commencement Information
I3Sch. 5 para. 2 not in force at Royal Assent, see s. 69
I4Sch. 5 para. 2 in force at 5.9.2022 by S.I. 2022/876, reg. 4(c)
3N.I.After Schedule 8 insert—
Section 61A
1In this Schedule “qualifying estate” means—
(a)a freehold estate in land, or
(b)a leasehold estate in land granted for a term of more than 21 years from the date of grant.
2No application may be made to register an overseas entity as the owner of a qualifying estate unless, at the time of the application, the entity—
(a)is a registered overseas entity, or
(b)is an exempt overseas entity.
3(1)The Registrar must enter an inhibition (“an overseas entity inhibition”) against the title of the registered owner of a qualifying estate if satisfied that—
(a)the registered owner is an overseas entity, and
(b)the entity became registered as the owner in pursuance of an application made on or after the date on which paragraph 2 comes into force.
(2)No fee is to be charged for the entry of an overseas entity inhibition.
(3)From and after the entry of an overseas entity inhibition, none of the dispositions mentioned in sub-paragraph (4) affecting the land in question are to be entered on the title register, unless one of the conditions in sub-paragraph (5) is met.
(4)The dispositions are—
(a)a transfer of the owner’s estate,
(b)a grant of a leasehold estate where the term granted exceeds 21 years, and
(c)the creation of a charge on the land.
(5)The conditions are that—
(a)the entity is a registered overseas entity, or is an exempt overseas entity, at the time of the disposition,
(b)the disposition is made in pursuance of a statutory obligation or court order, or occurs by operation of law,
(c)the disposition is made in pursuance of a contract made before the inhibition is entered in the register,
(d)the disposition is made in the exercise of a power of sale or leasing conferred on the owner of a registered charge or a receiver appointed by such an owner, or
(e)the disposition is made by a specified insolvency practitioner in specified circumstances.
(6)In sub-paragraph (5), in paragraph (e)—
“specified circumstances” means circumstances specified in regulations made by the Department of Finance for the purposes of that paragraph;
“specified insolvency practitioner” means an insolvency practitioner of a description specified in regulations made by the Department of Finance for the purposes of that paragraph.
(7)Regulations made under sub-paragraph (6) are subject to the negative resolution.
4(1)This paragraph applies where—
(a)an overseas entity is entitled to be registered as the owner of a qualifying estate,
(b)the overseas entity became entitled to be registered as the owner of that estate on or after the day on which this paragraph comes into force, and
(c)the entity makes a disposition mentioned in subparagraph (2).
(2)The dispositions are—
(a)a transfer of the owner’s estate,
(b)a grant of a leasehold estate where the term granted exceeds 21 years, and
(c)the creation of a charge on the land.
(3)The disposition must not be registered unless—
(a)the entity is a registered overseas entity, or is an exempt overseas entity, at the time of the disposition,
(b)the disposition is made in pursuance of a statutory obligation or court order, or occurs by operation of law,
(c)the disposition is made in pursuance of a contract made before the overseas entity became entitled to be registered,
(d)the disposition is made in the exercise of a power of sale or leasing conferred on the owner of a registered charge or a receiver appointed by such an owner, or
(e)the disposition is made by a specified insolvency practitioner in specified circumstances.
(4)In sub-paragraph (3)(e) “specified circumstances” and “specified insolvency practitioner” have the meanings given by paragraph 3(6).
5(1)An overseas entity must not make a registrable disposition of a qualifying estate if the registration of the disposition is prohibited by—
(a)an inhibition entered under paragraph 3, or
(b)paragraph 4.
(2)If an overseas entity breaches sub-paragraph (1) an offence is committed by—
(a)the entity, and
(b)every officer of the entity who is in default.
(3)Nothing in this paragraph affects the validity of a disposition made in breach of sub-paragraph (1).
(4)Sections 1121 to 1123 of the Companies Act 2006 (liability of officers in default: interpretation etc) apply for the purposes of this paragraph as they apply for the purposes of provisions of the Companies Acts.
(5)In those sections as applied, a reference to an officer includes a person in accordance with whose directions or instructions the board of directors or equivalent management body of an overseas entity are accustomed to act.
(6)A person is not to be regarded as falling within sub-paragraph (5) by reason only that the board of directors or equivalent management body acts on advice given by the person in a professional capacity.
(7)A person guilty of an offence under this paragraph is liable—
(a)on summary conviction, to imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum (or both);
(b)on conviction on indictment, to imprisonment for a term not exceeding 5 years or a fine (or both).
(8)Proceedings for an offence under this paragraph may only be brought by or with the consent the Secretary of State or the Director of Public Prosecutions for Northern Ireland.
6In this Schedule—
“exempt overseas entity” means an overseas entity of a description specified in regulations under section 34(6) of the Economic Crime (Transparency and Enforcement) Act 2022;
“overseas entity” has the meaning given by section 2 of the Economic Crime (Transparency and Enforcement) Act 2022;
“qualifying estate” has the meaning given by paragraph 1;
“register of overseas entities” means the register kept under section 3 of the Economic Crime (Transparency and Enforcement) Act 2022;
“registered overseas entity” means an overseas entity that is registered in the register of overseas entities (but see paragraph 7).
7(1)For the purpose of this Schedule, an overseas entity that fails to comply with the duty in section 7 of the Economic Crime (Transparency and Enforcement) Act 2022 (updating duty) is not to be treated as being a “registered overseas entity” until it remedies the failure.
(2)For the purpose of sub-paragraph (1), an overseas entity “remedies” the failure when it delivers the statements and information mentioned in section 7(1)(a), (b) and (c) of the 2022 Act.”
Commencement Information
I5Sch. 5 para. 3 not in force at Royal Assent, see s. 69
I6Sch. 5 para. 3 in force at 5.9.2022 by S.I. 2022/876, reg. 4(c)
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.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
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.
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.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
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.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: