Svetlova LLP

Time to take action for overseas entities which own land and properties within the UK

January 12th, 2023

The UK Companies House announced in 1 August 2022 that overseas entities are obliged to provide more
transparency than they used to do. This decision was effected by the Economic Crime
(Transparency and Enforcement) Act 2022 to prevent and crack down on money laundering and
other financial crimes. Therefore, overseas entities engaging with transactions of properties or land
in the UK are now a duty to make disclosure at the Companies House in relation to their beneficial owners.

• These regulations are valid for properties and land located in England and Wales and bought on or after 1 January 1999. The deadline to make relevant disclosure is 31 January 2023.

• Overseas entities which dispose of qualifying UK properties between 28 February 2022 and 31
January 2023 are under an obligation to disclose details of the dispositions and beneficial owners
to the Companies House by 31 January 2023

Consequences of Non-Compliance

Failure to disclose beneficial owners before the deadline can amount to a criminal offence which is punishable with a fine or prison term.

You Are Recommended to Take Action As Soon As Possible

Please get in touch with us to make the disclosure.