The UK Department for Business, Energy and Industrial Strategy (BEIS) on 23 July 2018 launched a consultation on provisions in a draft bill, the "Registration of Overseas Entities Bill," to establish a new beneficial ownership register of overseas entities that own UK property.
Overseas entities that own UK property when the requirements come into force, as well as any overseas entities that subsequently acquire UK property, will be required to register (and regularly update) their beneficial ownership information before they can undertake certain transactions with that property, such as selling or leasing the land, or creating a legal charge over the land, such as a mortgage. The consultation closes on 17 September 2018.
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