Part 1: Registration of Overseas Entities Schedule 4: Land ownership and transactions: Scotland Part 1: Amendments Interpretation
Paragraph 9 of the new schedule 1A defines key terms used in schedule 1A: "the commencement date"; "exempt overseas entity", "overseas entity"; "qualifying registrable deed"; "register of overseas entities" and "registered overseas entity". Paragraph 9(2) provides that for the purposes of schedule 1A, an overseas entity that 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 9(3) provides that, for the purpose of paragraph 9(2), an overseas entity "remedies" the failure when it delivers the required statements and information mentioned in section 7(1)(a), (b) and (c) of the Act.