Jul 2022
The Economic Crime (Transparency and Enforcement) Act (‘the Act’) became law on 15 March 2022. Its primary purpose is to crack down on tax fraud and money laundering that involves UK property by making it harder for criminals to hide behind shell companies and to make it easier to seize properties that have been purchased illegally.
As from today, Monday, 1 August, 2022, overseas entities that own or intends to buy UK property will have to take reasonable steps to identify its ‘registrable beneficial owners’ and submit details to Companies House to include on the Register of Overseas Entities. Failure to comply with the Act will result in sanctions being imposed preventing the disposal of the land, as well as a daily fine of up to £2,500 or a prison sentence of up to 5 years.
Please see link for further information, with a more detailed briefing note about the new legislation and what this may mean for you.
Contact Us
If you have any questions about the register please do not hesitate to contact Julian Harvey - [email protected] (T: 01306 502221) or Richard Clapham – [email protected] (T: 01483 411531).
