In light of concerns about the potential for illegal activity to take place through overseas companies investing in the UK property sector and the need for further transparency, the UK Government published a “Call for Evidence” inviting comments on a proposed new register of beneficial owners of overseas companies and other legal entities that own UK property.
The consultation closed in May 2017 and the UK Government is currently evaluating the responses.
In this Briefing Note entitled New Register of Beneficial Ownership for Overseas Entities Owning UK Land, we consider the aim and scope of the new register and define who the beneficial owner is. We also outline what information is required about the beneficial owner, summarise the penalties for non-compliance and look at the implications for property transactions going forward.
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