Michelle Robinson (Deloitte) provides a practical guide to the new register.
The Economic Crime (Transparency and Enforcement) Act (‘the Act’) became law on 15 March 2022. Among other matters the Act legislates for the introduction of a publicly accessible register of overseas legal entities that own UK land and their beneficial owners (‘the register’). This article provides a high-level overview of the register.
Overview of the register
Registration will be required in relation to both newly acquired UK land and many existing holdings of UK land. There will be a transitional six-month period for completing registrations once the register comes into force. In addition information will need to be provided to Companies House where overseas entities dispose of land between 28 February 2022 and the end of the six-month transitional period.
Failure to comply with the registration requirements will affect an overseas entity’s ability to buy and...
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Michelle Robinson (Deloitte) provides a practical guide to the new register.
The Economic Crime (Transparency and Enforcement) Act (‘the Act’) became law on 15 March 2022. Among other matters the Act legislates for the introduction of a publicly accessible register of overseas legal entities that own UK land and their beneficial owners (‘the register’). This article provides a high-level overview of the register.
Overview of the register
Registration will be required in relation to both newly acquired UK land and many existing holdings of UK land. There will be a transitional six-month period for completing registrations once the register comes into force. In addition information will need to be provided to Companies House where overseas entities dispose of land between 28 February 2022 and the end of the six-month transitional period.
Failure to comply with the registration requirements will affect an overseas entity’s ability to buy and...
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:
