Part 1: Registration of Overseas Entities Schedule 5: Land ownership and transactions: Northern Ireland Interpretation etc
Paragraph 6 of the new Schedule 8A defines key terms used in Schedule 8A, including the meaning of "registered overseas entity", "register of overseas entities", "overseas entity" and "exempt overseas entity". They share the same meaning as defined elsewhere in this Part.
	For the purposes of Schedule 8A, an overseas entity that is registered in the overseas entities register but fails to comply with the updating duty in section 7 of the Act is not to be treated as a registered overseas entity until it remedies the failure (paragraph 7(1) of the new Schedule 8A). An overseas entity "remedies" the failure when it delivers the required statements and information under section 7(1)(a), (b) and (c) of the Act (paragraph 7(2)).