It has been announced that the Government is planning to introduce a new register, detailing overseas property ownership in the UK – designed to tackle corruption and money laundering.
Once up and running, the register will highlight who owns and has control over any overseas companies and other legal entities that own property in Britain.
It will be a criminal offence not to submit correct information onto the register (which is due to be launched in 2021) if you fall within the remit of having to, and also failing to keep information up to date.
The plans, which are due to be brought to parliament in the form of a draft bill in the summer, have attracted controversy over how such a register could impact the UK property market.
The results of a call for evidence which opened last April, showed that many respondents – all experts in the property field – felt that such a register would deter overseas investors from purchasing property in the UK.
You can view the full response to the call for evidence here:
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