If you own UK property through a company registered overseas then the Government is proposing that a new Bill is brought into law from 2021 which is expected to include the following:-
- All overseas legal entities that can hold UK property will be required to register whether freehold or a lease of more than 7 years
- A beneficial owner has the same meaning as a PSC for a UK limited company
- If an overseas entity owns UK property it will have 12 months to register or sell
- Failure to comply will be a criminal offence
- Transfer to a company not registered will be void
These changes are likely to have a big impact on the UK property market. For more information please call Nick on 01473 229242 or email email@example.com.