Those that are looking to buy, sell or transfer property or land in the UK via overseas entities will be directly affected by the new register of overseas entities owning UK property that came into effect yesterday, August 1st. All relevant overseas entities now must register with Companies House and disclose who their registrable beneficial owners or managing officers are.
As A.C.T. is subjected to Anti-Money laundering regulations in the UK, we will be able to register such overseas entities on behalf of clients. We will also be able to manage the upkeep as the register will need to be updated or confirmed at least once a year.
Entities will have until 31st Jan 2023 to register their beneficial owners. The new register will apply to all relevant property (Qualifying estate) bought since Jan 1999 in England and Wales (for Northern Ireland and Scotland the dates are different), including those sold on or after 28 Feb 2022.
If you would like to discuss anything further or any other issue affecting your business then please do not hesitate to contact info@act.london or your usual A.C.T. contact.