Overseas entities that own UK land or property must register by 31 January 2023 and, where there is a transaction, many are required to register earlier. Unlike most other Companies House rules, there are severe sanctions for non-compliance including fines of £2,500 per day, restrictions on dispositions at HM Land Registry, and potential imprisonment for directors, their advisers and the UK regulated agent. The register is off to a slow start with only around 1,000 entities registered after two months, which is a long way short of the 31,000 required by the end of January 2023. There are several gaps and issues in the legislation that are causing challenges for the industry, particularly around trusts.
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Overseas entities that own UK land or property must register by 31 January 2023 and, where there is a transaction, many are required to register earlier. Unlike most other Companies House rules, there are severe sanctions for non-compliance including fines of £2,500 per day, restrictions on dispositions at HM Land Registry, and potential imprisonment for directors, their advisers and the UK regulated agent. The register is off to a slow start with only around 1,000 entities registered after two months, which is a long way short of the 31,000 required by the end of January 2023. There are several gaps and issues in the legislation that are causing challenges for the industry, particularly around trusts.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
