UK Register of Beneficial Owners of Overseas Entities
by non-UK companies and other legal entities ...
POSTED BY HELEN BEAUMONT ON 27/04/2018 @ 8:00AM
The Government has responded to a consultation on a UK register of beneficial owners of overseas entities with the publication of its report. There should be draft legislation coming this summer ...
The Government has published it's report on the UK Register of Beneficial Ownership of Overseas Entities and legislation will be coming soon!
copyright: asiastock / 123rf stock photo (licensee)
It is intended the register will be operational from 2021 so I thought I'd highlight some of the things it will include:
It will cover all forms of legal ownership of UK 'immovable' property. These measures will not include ownership by trusts.
Overseas entities, which already own UK property, will have longer to comply or sell the property, although this extra amount of time is not yet known.
Beneficial ownership will follow the usual Persons with Significant Control (PSC) regime.
Leasehold interests (within the scope of the rules) will be ones that require a lease to be registered due to its duration.
The register will have to be updated regularly. Requiring updates every two years was felt to be too long, but how long that period will be is, as yet, unknown. It will be a criminal offence not to update the register.
If the entity can't give information about benefitial ownership, then other information will be requested, but again, we don't know what that will be or how in-depth the details will be expected to be. The Government is currently considering its options.
Once the law comes into force, and the register is active, the legal title of a UK property cannot be transferred to another overseas legal entity unless it too is on the register at the time of completion.
The Government will also require a preferred overseas supplier for any government contracts to register its beneficial ownership information as a condition of getting a contract.
"Would you like to know more?"
So information about the new UK register of beneficial owners of overseas entities is vague in parts, but if you'd like to find out more about it then do call me on 01908 774323 or click here to ping me an email and let's see how I can help you.
Until next time ...
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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.
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When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.