UK Real Estate Transparency Measures 2016
For many years the UK has had a very transparent commercial real estate market in terms of the pricing of deals (for better or worse when it comes to deal confidentiality), but transparency is now a top-down political movement which is gaining pace and overseas investors need to bear it in mind when investing in the UK.
Real estate investments in the UK, and London in particular, form a key part of many international investors’ real estate portfolios. An increased transparency in those holdings won’t discourage the vast majority of legitimate investors but it will add another layer of compliance to a growing regulatory burden.
Transparency is fast becoming a hot topic of 2016, competing with Brexit for the top spot. This Government has already effected legislation to require unlisted UK companies to disclose individuals with significant control over them, but in light of the Panamanian disclosures and the recent Anti-Corruption Summit, this now looks set to widen to include beneficial ownership of overseas companies owning real estate in the UK.
In this alert, we look at a number of these Government initiatives relating to transparency and tax avoidance/evasion in the Real Estate context and which are set against a back-drop of a drive by the UK Government more widely towards eliminating corruption.
Please read our full ‘UK Real Estate Transparency Measures’ report.