Commenting on the Levelling Up and Regeneration Bill, the CIOT highlights the importance of identifying the true beneficial owner of UK land, which potentially might not be captured by the register of overseas entities alone.
The CIOT supports the proposal for a register of the beneficial owners of UK land, which potentially closes a significant loophole in the register of foreign entities owning UK property created by the Economic Crime (Transparency and Enforcement) Act 2022 (the Register of Overseas Entities). But one concern is the lack of detail and definition within the legislation about what information is being requested, as well the uses to which it will be put. Noting that this is the latest in a series of registers relating to UK property ownership, the CIOT suggests that consideration be given as to whether the interaction of the various registers could be streamlined, and whether appearance on one register would exempt the entity from appearance on another.
Registries of beneficial owners may have been dealt a recent blow by the European Court of Justice (Luxembourg Business Registers (Case C-37/20)) (see above).
Commenting on the Levelling Up and Regeneration Bill, the CIOT highlights the importance of identifying the true beneficial owner of UK land, which potentially might not be captured by the register of overseas entities alone.
The CIOT supports the proposal for a register of the beneficial owners of UK land, which potentially closes a significant loophole in the register of foreign entities owning UK property created by the Economic Crime (Transparency and Enforcement) Act 2022 (the Register of Overseas Entities). But one concern is the lack of detail and definition within the legislation about what information is being requested, as well the uses to which it will be put. Noting that this is the latest in a series of registers relating to UK property ownership, the CIOT suggests that consideration be given as to whether the interaction of the various registers could be streamlined, and whether appearance on one register would exempt the entity from appearance on another.
Registries of beneficial owners may have been dealt a recent blow by the European Court of Justice (Luxembourg Business Registers (Case C-37/20)) (see above).
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