The New Register Of Overseas Entities | The UK Goverment takes it very seriously ... |
Posted by Helen Beaumont on 26/10/2022 @ 8:00AM The Register for Overseas Entities (RoE) launched on the 1st of August 2022. Any registrations must be finalised by the 31st of January 2023. Failure to register may lead to fines and even imprisonment ... Companies House has been sending out letters to overseas entities that own UK property using the land registry address! copyright: urfingus / 123rf Any overseas entities that plan to acquire land must have an overseas entity ID for any transactions registered after the 5th of September 2022. There are a number of steps which must be completed before a registration can be successful:
identifying the beneficial owners collect information on the overseas entity verification of the UK-regulated agent registration with Companies House
Any UK-regulated agents who wish to act for overseas entities must have processes in place to ensure all requirements of ETCEA 2002 are met. Companies House has been sending out letters to overseas entities that own UK property using the land registry address.
Existing owners must complete their registration by the 31st of January 2023 and any overseas entity looking to acquire land after the 5th of September 2022 will also need to register. Fines can be up to £2,500 per day and there's even potential imprisonment to contend with.
"You can see the UK Government is taking
this very seriously!"
Most importantly, any person certifying the registration must be regulated for anti-money laundering and not many agents offer this service due to the criminal sanctions for false or misleading information. Until next time ...
HELEN BEAUMONT
Would you like to know more? If anything I've written in this blog post resonates with you and you'd like to discover more about the Register Of Overseas Entities, it may be a great idea to give me a call on 01908 774323 and let's see how I can help you. About Helen Beaumont ... |  | | Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.
Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.
When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog. |
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