Moved by
Lord Callanan
65: Clause 39, page 22, line 22, at end insert—
“(2) A reference in section 12 or 13 to a person who is a registrable beneficial owner of an overseas entity includes, in connection with the obtaining of information required by section 7(1)(b), 9(1)(c), (Applications in the transitional period: information about land transactions)(3)(b) or (Requirement for certain unregistered overseas entities to provide information)(1)(c)(i), a reference to a person who has ceased to be a registrable beneficial owner.
(3) A reference in this Part to a trust includes arrangements, under the law of a country or territory outside the United Kingdom, that are of a similar character to a trust, and any related expressions are to be read accordingly.
(4) The Secretary of State may by regulations make provision specifying descriptions of arrangements that are, or are not, to be treated as being of a similar character to a trust for the purposes of subsection (3).
(5) Regulations under subsection (4) are subject to the negative resolution procedure.”
Member’s explanatory statement
This amendment makes further interpretive provision, including provision extending the provisions of Part 1 of the Bill in relation to trusts so that they apply to arrangements of a similar character outside the UK.