Paragraph 8 “Exempt from being registered”I1I2I3
United Kingdom
For the purposes of F1paragraphs 2(1)(b) and 3(1)(c) a person who is a beneficial owner of an overseas entity is “exempt from being registered” if—
the person does not hold any interest in the overseas entity other than through one or more legal entities (see paragraph 9),
the person is a beneficial owner of every legal entity through which the person holds such an interest (see paragraph 9),
the person is not a beneficial owner of the overseas entity by virtue of being a trustee,
as respects any shares or right in the overseas entity which the person holds indirectly as described in paragraph 9(3)(b)(i), the legal entity through which the shares or right are held is a beneficial owner of the overseas entity and is subject to its own disclosure requirements, and
as respects any shares or right in the overseas entity which the person holds indirectly as described in paragraph 9(3)(b)(ii), at least one of the legal entities in the chain is a beneficial owner of the overseas entity and is subject to its own disclosure requirements.
Annotations
Textual amendments
- F1
Words in Sch. 2 para. 8 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)(e), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)
- F2
Sch. 2 para. 8(ba) 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(3), 219(1)(2)(b); S.I. 2024/269, reg. 2(z49) (with reg. 6)
Commencement
- I1
Sch. 2 para. 8 not in force at Royal Assent, see s. 69
- I2
Sch. 2 para. 8 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)
- I3
Sch. 2 para. 8 in force in so far as not already in force at 12.10.2022 by S.I. 2022/1039, reg. 2(b)