Changes to Rules for Overseas Owners of UK Properties
The government announced new rules linked to UK properties owned by overseas businesses in August 2022. Businesses and owners had until 31st January 2023 to report to the Register of Overseas Entities. However, various issues, from lack of awareness to non-compliance, mean that only 19,510 of 32,440 overseas organisations submitted their details to the register before the deadline. A further 5,000 are expected to be pending. This guide explains what the register means, who it applies to, and what to do if you are obliged to declare your ownership and still need to do so. The Purpose of the Register of Overseas Entities The logic behind the register relates to attempts by the UK government to enforce transparency around foreign nationals with business assets and properties within Britain – it is part of the Economic Crime (Transparency and Enforcement) Act 2022. One of the many problems has been the scope and breadth of the scheme, which incorporates beneficial owner