Insights

Land Registry requirement for beneficial ownership register

29/03/2018

The Government has now published the outcome of their consultation on their proposals for a new register of beneficial ownership of properties.

Draft legislation is expected this summer with the draft bill being introduced to Parliament in early Spring 2019 and the new register being operational in 2021.

Looks like no escaping this now. There will be a requirement for information to be provided and kept up to date. This is to be enforced by a system of statutory restrictions, notes on the land register, backed by criminal offences.  Watch this space for further developments...

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Consultation outcome Property ownership and public contracting by overseas companies and legal entities: beneficial ownership register

https://www.gov.uk/government/consultations/property-ownership-and-public-contracting-by-overseas-companies-and-legal-entities-beneficial-ownership-register