Real Estate Talking Points: New Beneficial Ownership Register for UK Land launched on 1 August 2022
- The Economic Crime (Transparency and Enforcement) Act 2022 has introduced a public Register of Overseas Entities (the “ROE”) to record beneficial ownership of overseas entities (“OEs”) that own UK land.
- The ROE was launched by Companies House on 1 August 2022.
- Land registration requirements follow on 5 September 2022.
- Whilst there is a six-month transitional period, OEs which already own – or are planning to acquire – UK land must prepare and apply for registration as early as possible.
In our latest Talking Points article, Siobhan Burton and Kathryn Griffiths set out who needs to take action now, what steps need to be taken and the information that needs to be supplied. The Talking Point also sets out the sanctions for non-compliance.