Who might need to register?
If you’re a registered owner of land or property in Scotland, or a registered tenant with a lease of more than 20 years, and someone else has a controlling interest in that land or property – you’re legally obliged to act before 1 April 2024. Or, you could risk a fine of up to £5,000. Even if you are not in scope right now, it’s important to be aware of this legislation as your circumstances may change in the future and bring you in scope of the legislation.
The new legislation
The new register, called the Register of Persons Holding a Controlled Interest in Land in Scotland (RCI, for short), launched on 1 April 2022. It exists to improve transparency about land ownership by making information about those who have a controlling interest in land publicly available – that is, those who ultimately make decisions about the management or use of land, even if they are not necessarily registered as the owner of the land. If these conditions apply to you, failure to register could result in a fine.
Act now to avoid the risk of a fine of up to £5,000
To comply with the new legislation, you, as an individual, need to check if you are legally required to submit to the register before the deadline of 1 April 2024, after which point you could risk being fined up to £5,000. For more information, please visit: http://www.ros.gov.uk/our-registers/register-of-persons-holding-a-controlled-interest-in-land-rci
