New legislation obliging overseas entities to register their beneficial owners comes into force on 1 August with large penalties for non-compliance
It is anticipated from 01 August 2022, that all overseas entities who own land in the UK will be legally required to declare their beneficial owners or managing officers on an online register at Companies House. From the date the online register comes into force, all overseas entities who own UK land will have a 6 month period to register.
The consequences of not registering are that you will not be able to buy, sell, transfer or lease land, or create charge against the land and could include sanctions of daily fines (£2,500 per day).
Companies House will soon be writing to all overseas entities captured by the Act who own land in England, Wales and Scotland to make sure they know about their new responsibilities. The process for registration is complex. It has been advised by Companies House that it would be quicker and easier for a supervised agent to register on the overseas entity’s behalf and that the applications will take longer to process if an overseas entity completes the registration themselves. Please contact us for any assistance with the process.
Consistent with our policy when giving comment and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems we recommend that professional advice be sought.