EXPLANATORY NOTE
(This note is not part of the Rules)
These Rules make necessary amendments to the Land Registration Rules 2003 (S.I. 2003/1417) (‘the 2003 Rules’) to implement the new requirements for applications to register an overseas entity as proprietor of an estate in land or where an application includes some types of disposition made by an overseas entity. The new requirements are set out in Schedule 4A to the Land Registration Act 2002, which was introduced by Schedule 3 to the Economic Crime (Transparency and Enforcement) Act 2022 (c.10). The requirements are that either the overseas entity is registered in the register of overseas entities (kept by Companies House) or an exemption or exception applies.
Rule 2 amends some of the forms contained in Schedule 1 to the 2003 Rules and the required wording to the prescribed clauses lease in Schedule 1A to the 2003 Rules.
Rule 3 provides that existing forms may be used for a period of fifteen months beginning with the commencement of the Rules provided the overseas entity ID or confirmation that the ID is not required is included with the application.
A full regulatory impact assessment of the effect that the overseas entities register will have on the costs of business and the voluntary sector is available from the Department for Business, Energy and Industrial Strategy, 1 Victoria Street, London SW1H 0ET and is published with the Explanatory Memorandum to this instrument on www.legislation.gov.uk.