Economic Crime and Corporate Transparency Act 2023
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
161 Registrable beneficial owners: cases involving trusts
(1) Schedule 2 to the Economic Crime (Transparency and Enforcement) Act 2022 (registrable beneficial owners) is amended in accordance with subsections (2) to (5). (2) In paragraph 3 (legal entities), in paragraph (b), after “(see Part 3)” insert “or is a beneficial owner of the overseas entity by virtue of being a trustee”. (3) In paragraph 8 (beneficial owners exempt from registration), after paragraph (b) insert— (ba) the person is not a beneficial owner of the overseas entity by virtue of being a trustee, . (4) For the heading of Part 6 substitute “Powers to amend this Schedule”. (5) Before paragraph 25 insert— Expansion of meaning of “registrable beneficial owner” where trusts in view 24A (1) The Secretary of State may by regulations amend this Schedule so as to expand the description of persons who are registrable beneficial owners of an overseas entity in circumstances where the overseas entity is part of a chain of entities that includes a trustee. (2) For these purposes an overseas entity is part of a chain of entities that includes a trustee if there is a legal entity which is a beneficial owner of it by virtue of being a trustee. (3) Regulations under this paragraph are subject to the affirmative resolution procedure. Power to amend thresholds etc . (6) Regulation 14 of the Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022 (S.I. 2022/870) (description of legal entity subject to its own disclosure requirements) is revoked.
161 Registrable beneficial owners: cases involving trusts
(1) Schedule 2 to the Economic Crime (Transparency and Enforcement) Act 2022 (registrable beneficial owners) is amended in accordance with subsections (2) to (5). (2) In paragraph 3 (legal entities), in paragraph (b), after “(see Part 3)” insert “or is a beneficial owner of the overseas entity by virtue of being a trustee”. (3) In paragraph 8 (beneficial owners exempt from registration), after paragraph (b) insert— (ba) the person is not a beneficial owner of the overseas entity by virtue of being a trustee, . (4) For the heading of Part 6 substitute “Powers to amend this Schedule”. (5) Before paragraph 25 insert— Expansion of meaning of “registrable beneficial owner” where trusts in view 24A (1) The Secretary of State may by regulations amend this Schedule so as to expand the description of persons who are registrable beneficial owners of an overseas entity in circumstances where the overseas entity is part of a chain of entities that includes a trustee. (2) For these purposes an overseas entity is part of a chain of entities that includes a trustee if there is a legal entity which is a beneficial owner of it by virtue of being a trustee. (3) Regulations under this paragraph are subject to the affirmative resolution procedure. Power to amend thresholds etc . (6) Regulation 14 of the Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022 (S.I. 2022/870) (description of legal entity subject to its own disclosure requirements) is revoked.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.