Part 11Information about interests and dealings in land

I1220The beneficial ownership purpose

1

Information is within the scope of the beneficial ownership purpose if it appears to the Secretary of State that the information would be useful for the purpose of—

a

identifying persons who are beneficial owners of land in England or Wales, or

b

understanding the relationship of those persons with the land that they beneficially own.

2

For the purposes of this section, a person beneficially owns land if either of the following subsections applies.

3

This subsection applies where—

a

the land is owned by a body corporate or partnership, and

b

the person is, in relation to that body corporate or partnership, a beneficial owner within the meaning given by regulation 5 of the Money Laundering Regulations.

4

This subsection applies where—

a

the land is owned as part of—

i

a trust, foundation or similar legal arrangement, or

ii

the estate of a deceased person in the course of administration, and

b

the person is, in relation to that trust, foundation, arrangement or estate, a beneficial owner within the meaning given by regulation 6 of the Money Laundering Regulations.

5

In this section—

a

expressions that are also used in regulation 5 or 6 of the Money Laundering Regulations have the same meaning as in that regulation;

b

references to ownership of land (except references to beneficial ownership) are to the legal ownership of a freehold or leasehold estate in the land;

c

“the Money Laundering Regulations” means the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692).