Part 1: Registration of Overseas Entities Schedule 4: Land ownership and transactions: Scotland Part 2: Transition: deeds registered pre-commencement Duty to register as an overseas entity within transitional period
Paragraph 10(1) of Schedule 4 provides that an overseas entity that is registered in the Land Register of Scotland as proprietor of an interest in land and became so registered on or after 8 December 2014 but before the commencement date, and, at the end of the period of six months beginning with the commencement date the entity is neither a registered overseas entity nor an exempt overseas entity, commits an offence and every officer of the entity who is in default also commits an offence. Paragraph 10(2) sets out the penalties for a person found guilty of an offence under paragraph 10.