Economic Crime (Transparency and Enforcement) Act 2022

33 Land ownership and transactions

(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.