The government is expediting legislation on a register of overseas entities that own UK property, write Mukul Chawla QC and Chris Ormond (Bryan Cave Leighton Paisner).
The Economic Crime (Transparency and Enforcement) Bill 2022 sets out civil and criminal penalties for the various offences it introduces extends the existing regime for unexplained wealth orders (UWOs) (to include trustees partners directors etc. who operate entities holding property in the UK) and establishes a strict civil liability test for sanctions violations. These limbs are in part an attempt to tackle criticisms around effective enforcement on the basis that civil penalties will be easier to enforce abroad and against land or other assets in the UK.
Being introduced alongside plans to reform and better resource Companies House and to increase the transparency of UK corporate entities the intention is to immediately dissuade those planning to buy...
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The government is expediting legislation on a register of overseas entities that own UK property, write Mukul Chawla QC and Chris Ormond (Bryan Cave Leighton Paisner).
The Economic Crime (Transparency and Enforcement) Bill 2022 sets out civil and criminal penalties for the various offences it introduces extends the existing regime for unexplained wealth orders (UWOs) (to include trustees partners directors etc. who operate entities holding property in the UK) and establishes a strict civil liability test for sanctions violations. These limbs are in part an attempt to tackle criticisms around effective enforcement on the basis that civil penalties will be easier to enforce abroad and against land or other assets in the UK.
Being introduced alongside plans to reform and better resource Companies House and to increase the transparency of UK corporate entities the intention is to immediately dissuade those planning to buy...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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