Autumn Budget Summary 2024
The new Register of Overseas Entities was brought into force on the 1st August 2022 by the Economic Crime (Transparency and Enforcement) Act 2022. The effect of the introduction of the Register is that such anonymous overseas entities wishing to buy, sell, or transfer UK property or land must complete a registration process with Companies House to confirm their beneficial ownership.
As part of the verification process, overseas entities and their beneficiaries must be verified by a UK-regulated agent before registering with Companies House to provide them with a unique Overseas Entity ID number.
Overseas entities already holding a qualifying estate have until the 31st January 2023 to complete the registration process. Those that have disposed of UK property or land after the 28th February 2022 will also need to register by the 31st January 2023 and provide details of that disposition. Since the 5th September 2022, overseas entities looking to purchase UK property or land have been required to complete the registration process as a pre-requisite to registration of their purchase. Failure to register could be a criminal offence.
For all residential and commercial property law enquiries, please contact us on 01932 852 057 or email piersmeadows@meadowsryan.com.
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