A new register of beneficial owners of overseas companies owning UK property is set to have a major impact on offshore investors. In 2016 the Government announced its intention to introduce a publicly accessible register of the beneficial owners of overseas companies owning UK property or engaging in UK government procurement. <\/p>\n
This register would be the first of its kind in the world. The UK has already taken significant steps towards corporate transparency with the introduction last year of the people with significant control register (PSC register), a central, publicly accessible register of those who control UK companies and limited liability partnerships (LLPs). <\/p>\n
The new register would apply to existing property ownership as well as to future property acquisitions. Following on from the 2016 announcement, the Department for Business, Energy & Industrial Strategy (BEIS) has now published a call for evidence on the proposals and on the impact of the new policy. <\/p>\n
The new register wouldapply to new and existingproperty ownership. <\/p>\n
This is framed as a consultation on the design of the proposals, rather than an opportunity to revisit fundamental questions such as whether the register should be open and accessible to the public, or indeed whether the UK should have a register at all. <\/p>\n
However, there are indications that the Government may be prepared to revisit its decision to introduce a public register, at least to some extent if investors and others can demonstrate that the new disclosure regime is likely to deter legitimate investment in the UK to an unacceptable degree. <\/p>\n
The call for evidence can be found at https:\/\/www.gov.uk\/government\/uploads\/<\/a> system\/uploads\/attachment_ datafile\/606611\/beneficial-ownershipregister- call-evidence.pdf. <\/p>\n UK property as an investment proposition for overseas investors has been affected already by the increased taxation through SDLT, ATED, Capital Gains, tax on development profit and Inheritance Tax. These additional proposals will mean that any benefit from confidentiality of ownership will be removed. <\/p>\n Samantha Hook is a Partner in Howard Kennedys Real Estate team. She acts for investors owning property around the world. email: samantha.hook@howardkennedy.com<\/a>. http:\/\/www.howardkennedy.com<\/a>. <\/p>\n <\/p>\n Read more: <\/p>\n Offshore investors - The Negotiator<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A new register of beneficial owners of overseas companies owning UK property is set to have a major impact on offshore investors. In 2016 the Government announced its intention to introduce a publicly accessible register of the beneficial owners of overseas companies owning UK property or engaging in UK government procurement. Continue reading