Overseas entities that own UK property have a matter of hours left in which to make their application for inclusion on the register of overseas entities before tomorrow's deadline. Details of any overseas entity which holds property in the UK and such entity's beneficial owners are required to be set out in a register maintained by Companies House. 

The register of overseas entities went live on 1 August 2022, although those entities which already held UK property before 4 September 2022 were given six months in which to make their application. To be registered, an overseas entity must provide certain details about itself and its beneficial owners. Failure to register by the deadline will result in the entity being unable to sell its property or acquire any UK property in the future. For more information about the register of overseas entities, see here.

The register was brought in by the UK government ostensibly to increase transparency so as to allow “law enforcement agencies to investigate suspicious wealth more effectively”. Whether it will actually have this effect is debateable. The legislation permits certain details, particularly in relation to trusts, to remain private, while there are ways of structuring property ownership to reduce the information which must be made public on the register. 

For more information about making an application for registration on the register of overseas entities, see here or get in touch with your usual Forsters' contact.