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Register of Persons Holding a Controlled Interest in Land – have you registered?

Scotland
30/05/2022
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The Register of Persons Holding a Controlled Interest in Land (“the RCI”) went live in Scotland on 1 April 2022.The Register aims to improve transparency and clarity around the true ownership of land and property in Scotland. The Regulations behind the RCI (The Land Reform (Scotland) Act 2016 (Register of Persons Holding a Controlled Interest in Land) Regulations 2021 (“the Regulations”)) use two key terms - “Recorded Person” and “Associate”. A “Recorded Person” is the owner or tenant (under a lease of more than 20 years) of land in Scotland who does not fall within the list of exemptions and who has an Associate. An “Associate” is an individual or entity who, in terms of the Regulations,has significant influence or control over a Recorded Person and/or their dealings with the land.

It is now exactly 60 days since the Regulations came into force and therefore all Recorded Persons should have identified and made submissions in respect of their Associates. Whilst there is a grace period until 1 April 2023 before criminal sanctions can be imposed, those who want to ensure regulatory compliance should act promptly in making any outstanding returns.

Our previous Law-Now on the RCI can be accessed here and a fuller briefing on the Regulations can be accessed here and contact details of our team are below for anyone requiring assistance.

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