Time is Running Out... Register of Persons Holding a Controlled Interest in Land
The grace period for affected landowners to register existing ownership arrangements in the Register of Persons Holding a Controlled Interest in Land (“RCI”) expires on 31st March 2024, after which time penalties of up to £5,000 per breach of the RCI regulations may apply.
A landowner may have a duty to provide information to the RCI where another party has “significant influence or control” over the land in question and information about that other party is not available elsewhere. It is particularly relevant for estates, farms and other rural properties where ownership is often held in trust and partnership structures or where other contractual arrangements may be in place.
Landowners should take steps now to review their ownerships and to deal with any RCI requirements rather than having to deal with these under pressure as the 31st March 2024 deadline approaches.