On 8th April, Ashfords LLP published an article on the consultation for registration at Companies House of the ownership of UK property by overseas companies – to prevent individuals concealing their ownership of land by holding it through an overseas entity.  The proposals cover the purchase of a freehold estate in land or a leasehold estate with a term of more than 7 years, and the overseas entity will have to provide details of its beneficial owners when applying for registration.  Existing owners would also have to register within 18 months of the Act coming into operation.  The article says that, subject to parliamentary approval, the new register is expected to become operational in 2021.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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