Stay in the know
We’ll send you the latest insights and briefings tailored to your needs
The countdown for overseas owners of property in the UK to comply with the tightened register regime following the government's clampdown on economic crime is nearing its conclusion, with less than two weeks to go until the deadline for the submission of applications to Companies House (31 January 2023).
Following the passing of the Economic Crime (Transparency and Enforcement) Act 2022 (the Act) in March of last year, the Companies House register of overseas entities became live on 1 August 2022. Here is what you need to know:
An additional hurdle in the registration process is the need for the information submitted as part of an overseas entity's application to register at Companies House to be verified by a "relevant person." Verification by someone such as a regulated company service provider is required upon initial registration of the overseas entity (as well as before each required annual update to Companies House), and we understand that verifiers are currently very busy, with some unable to accept new instructions.
As such, any overseas entities which already own UK property and which have not yet applied to Companies House need to be taking steps immediately to begin the process. For further detail on the regime, please see our detailed briefing here.
We’ll send you the latest insights and briefings tailored to your needs