Following consultation on the matter in April 2017, the government has announced that the Department of Business, Energy and Industrial Strategy will launch a new register in early 2021. The register will require overseas companies that own or buy property in the UK to disclose details on their ultimate beneficial ownership.
The new register will work hand in hand with the Person in Significant Control Register, which was launched in June 2016 requiring UK companies to register all persons in significant control. This will be a significant move in preventing anti-money laundering behaviour with the use of shell companies.
A draft bill is due to be issued in summer 2018 with an aim to improve corporate transparency.
Please note that this information is provided for general knowledge only and therefore specific advice should be sought for individual cases.
For further information, please contact John Mills