As of 1 August 2022, the Register of Overseas Entities has come into force in the UK. The new Act requires the Beneficial Owners (BOs) of overseas entities who buy, sell or transfer property in the UK, to register the entity with Companies House and provide details of the BOs and other related information.
Most importantly, the requirement has a retrospective impact and requires the registration of entities who undertook transactions dated as far back as 1 January 1999. The BOs, or the managing officers where there are no identifiable BOs, must register all relevant overseas entities before 31 January 2023, or face severe penalties of up to £2,500 per day or a prison sentence of up to five years.
The legislation has been introduced to ensure greater transparency surrounding property transactions in order for the UK authorities to highlight and investigate “suspicious wealth”.
Please read more by downloading our factsheet, about the requirements of the Register, which also details the definitions of an overseas entity and the beneficial owners or managing officers.
If you require assistance with any of the matters discussed above, then please get in touch. In particular we can assist with registering as a non-resident landlord, filing UK Tax Returns and assisting with historical tax issues which may have arisen.