Skip to main content
CLOSE

Charities

Close

Corporate and Commercial

Close

Employment and Immigration

Close

Fraud and Investigations

Close

Individuals

Close

Litigation

Close

Planning, Infrastructure and Regeneration

Close

Public Law

Close

Real Estate

Close

Restructuring and Insolvency

Close

Energy

Close

Entrepreneurs

Close

Private Wealth

Close

Real Estate

Close

Tech and Innovation

Close

Transport and Infrastructure

Close

A register of owners of overseas companies buying property in the UK will go ‘live’ in 2021 as part of a government crackdown on laundering of dirty money in the UK.

The beneficial ownership register will provide details of the ultimate owners of UK property, which is often bought using off-shore corporations. It is thought that criminal gangs have laundered more than £180 million worth of money in this way through property in the UK since 2004.

The register will require overseas companies that own or buy property in the UK to provide details of their ultimate owners, making it harder to launder proceeds and easier for enforcement agencies to track criminal funds.

In June 2016, the UK became one of the first countries to require a ‘people with significant control register’ (PSC). This central, publicly available PSC register requires UK companies to identify individuals who have significant interests in their shares and to publicly disclose their interests.

The next step is to track beneficial ownership of UK property so that regulators and the public alike can find out who the true owners of the property are. This week, the Government committed to publishing a draft bill this summer and introducing legislation to create this new register which should be available by the start of 2021.

This is a big step for the UK, which is a number one destination for foreign investment in Europe, and this will be the world’s first property related beneficial ownership register.

Related Articles

Our Offices

London
One Bartholomew Close
London
EC1A 7BL

Cambridge
50/60 Station Road
Cambridge
CB1 2JH

Reading
The Anchorage, 34 Bridge Street
Reading RG1 2LU

Southampton
4 Grosvenor Square
Southampton SO15 2BE

 

Reading
The Anchorage, 34 Bridge Street
Reading RG1 2LU

Southampton
4 Grosvenor Square
Southampton SO15 2BE

  • Lexcel
  • CYBER ESSENTIALS PLUS

© BDB Pitmans 2024. One Bartholomew Close, London EC1A 7BL - T +44 (0)345 222 9222

Our Services

Charities chevron
Corporate and Commercial chevron
Employment and Immigration chevron
Fraud and Investigations chevron
Individuals chevron
Litigation chevron
Planning, Infrastructure and Regeneration chevron
Public Law chevron
Real Estate chevron
Restructuring and Insolvency chevron

Sectors and Groups

Private Wealth chevron
Real Estate chevron
Transport and Infrastructure chevron