As of April 1st, 2024, Scotland is set to embark on a new journey with the implementation of the Registers of Persons with a Controlled Interest in Land (RCI). This landmark legislation aims to promote transparency and accountability in land ownership, marking a significant step forward in the realm of property law.
For Trustees of Unincorporated Charities or Trusts, the introduction of RCI carries both opportunities and responsibilities. As custodians of charitable assets, trustees play a pivotal role in ensuring compliance with legal requirements and upholding the principles of good governance.
Under the RCI framework, trustees will be required to disclose any controlled interest they hold in land situated in Scotland. This includes ownership, leases, and other arrangements that confer a significant degree of control over land. By providing this information to the RCI, trustees contribute to a comprehensive database that enhances transparency and facilitates informed decision-making in land transactions.
While navigating the intricacies of RCI may seem daunting at first, trustees can rest assured that resources and support mechanisms are available to assist them every step of the way. From guidance issued by regulatory bodies to online tools for submission, efforts have been made to streamline the compliance process and minimize administrative burdens.
Moreover, embracing the spirit of RCI aligns with the core values of trust and accountability that underpin the charitable sector. By proactively engaging with the new legal requirements, trustees demonstrate their commitment to transparency and reinforce public confidence in the integrity of their organisations.
In conclusion, the implementation of RCI heralds a new era of transparency and accountability in land ownership in Scotland. It is the responsibility of Trustees of Unincorporated Charities or Trusts, to embrace this change and fulfil the obligations set out by the law. By doing so, trustees not only comply with legal requirements but also reaffirm a commitment to the principles of good governance and stewardship.
If you are the Recorded Person and there is a person with significant interest and control over decisions about land or property, you must make an entry in the RCI. The deadline for making an entry is 1st April 2024. Trustees are therefore encouraged to familiarise themselves with the requirements of RCI and take proactive steps to ensure compliance. For guidance and assistance, visit the official RCI website or consult legal and regulatory experts specialising in charity law.
Together, let us pave the way for a more transparent and accountable future in land ownership.