New register of overseas entities: Register UK property now

Adding to the plethora of red tape, there is now a requirement for overseas entities (ie a legal entity, such as a company or other organisation, that has legal personality and is governed by the law of a country or territory outside the UK) who own or lease property or land in the United Kingdom to register with Companies House, declaring who are the beneficial owners. Registration is required online by 31st January 2023.

If registration is undertaken by an agent the agent will also need to check and confirm the identity of the overseas entity. There is a registration fee of £100 and failure to comply with the legislation could result in a fine of up to £2500 per day or a prison sentence of up to five years. In addition there could be restrictions when buying, selling, transferring, leasing or charging property or land in the UK.

Disclaimer - All information in this post was correct at time of writing.