Landlords that own UK property via an overseas company need to register with Companies House by the end of this month – otherwise they face a hefty fine or jail time.
This new Register of Overseas Entities, introduced by the Economic Crime (Transparency and Enforcement) Act, applies to those who bought UK property before 1st August 2022.
This new register forms part of the government’s strategy to combat economic crime, while making sure that legitimate businesses continue to see the UK as a great place to invest. The register requires overseas entities that own UK land or property to declare their beneficial owners or managing officers. Companies House state that there will be “severe sanctions for those who do not comply”, including restrictions on buying, selling, transferring, leasing or charging their land in the UK.
Landlords should therefore seek advice from your financial advisor/accountant on your position and prepare for registration ahead of the deadline of 31 January 2023.
Please find to follow the link for guidance on registration and verification on the Gov.uk website:
Further information can be found here: