Public Register to record people who own UK Property
A recent article by Stephanie Henwood-Darts in the SANNE Connect Bulletin provides insight to the UK government’s decision to enhance the transparency of beneficial ownership for foreign entities that are active in the UK, in particular those purchasing property or land.
In April 2016, an establishment of the UK register of People with Significant Control (the ‘PSC Register’) was implemented. The PSC is a public register which identifies and records the people who own or control UK companies. In March 2016, a discussion paper outlining a range of proposals to enhance the transparency of beneficial ownership for foreign entities that are active in the UK, in particular those purchasing property or land was released by the UK Government. In April 2017, the Government released a consultation paper where further detail on the scope and approach were revealed.
Henwood-Darts writes in her article that “Under the proposals, which remain subject to change, overseas entities that wish to purchase UK land or property will be invited to apply to Companies House to participate in the new register and disclose their beneficial ownership and control information. Once an application has been made, a registration number will be allocated. This registration number will be required to be included when the overseas entity is applying to register itself as the legal owner of a property on the land registry application form. Without this number, the application will be cancelled.”
Henwood-Darts mentions that The register will show all persons with significant control of overseas entities owning UK land or property. People now awaits a response to the latest consultation, which may be accompanied with draft legislation which should provide more clarity over key area of uncertainty such as protection and process.
In the article by Henwood-Darts, she discuss the register, the scope, existing ownership and the implications this register will have on beneficial ownership for foreign entities that are active in the UK in more detail. This article gives insight to the register. You can read the full article on the SANNE website. Click HERE.