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.