The CIOT has welcomed changes to the Economic Crime and Corporate Transparency Bill which close a perceived ‘loophole’ in the way in which beneficial owners of companies are required to be identified in the register of overseas entities. The final version which was given royal assent on 26 October 2023, inserts new definitions around beneficial ownership into the Economic Crime (Transparency and Enforcement) Act 2022 (the primary legislation which introduced the register).
The CIOT had previously identified the following problem: ‘while the legislation in the Bill requires disclosure of beneficial owners of overseas entities holding UK property, it does not necessarily require the disclosure of beneficial owners of the property themselves.’
Section 162 of the 2023 Act introduces changes to the provisions requiring information to be provided where an entity holds land as a nominee.
The CIOT has welcomed changes to the Economic Crime and Corporate Transparency Bill which close a perceived ‘loophole’ in the way in which beneficial owners of companies are required to be identified in the register of overseas entities. The final version which was given royal assent on 26 October 2023, inserts new definitions around beneficial ownership into the Economic Crime (Transparency and Enforcement) Act 2022 (the primary legislation which introduced the register).
The CIOT had previously identified the following problem: ‘while the legislation in the Bill requires disclosure of beneficial owners of overseas entities holding UK property, it does not necessarily require the disclosure of beneficial owners of the property themselves.’
Section 162 of the 2023 Act introduces changes to the provisions requiring information to be provided where an entity holds land as a nominee.
