UK property index goes live today [including 6-month transitional period]
01/08/2022
The NEW UK Register of Overseas Entities will require anonymous foreign companies owning or seeking to buy UK land to reveal their [TRUE] owners, ensuring criminals cannot hide behind secretive chains of shell companies.
From MONDAY 1 AUGUST 2022,
- Any foreign company wishing to buy UK property must identify its beneficial owner and present verified information to Companies House before any application to the UK’s land registries can be made.
- 31 January 2023 - a 6-month transitional period starts - These overseas entities will need to register with Companies House their registrable beneficial owners or managing officers by 31 JANUARY 2023.
- Those overseas entities that ALREADY OWN LAND in the UK that is in scope will have a 6-month transitional period to register their beneficial owners or managing officers.
- The register applies retrospectively to property bought
- Since 1 January 1999 in England and Wales, and
- Since 8 December 2014 in Scotland.
- Overseas entities only need to register property or land bought in NORTHERN IRELAND on or after 1 August 2022.
- Entities THAT DISPOSED OF PROPERTY or land after 28 FEBRUARY 2022 will also need to register and give details of that disposal.
Those foreign companies that do not comply with the new obligations could face severe criminal sanctions, including fines of up to £2,500 per day or a prison sentence of up to 5 years.
HMRC Guidance
- What the Register of Overseas Entities is
What information you need to submit
How to submit information about trusts
What is needed for verification checks
What information will be shown on the public register
Apply to register an overseas entity and its beneficial owners
What happens after an overseas entity is registered
SOURCE - https://www.gov.uk/guidance/register-an-overseas-entity
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.