The Deadline is Fast Approaching
The deadline of 31 January 2023, for the registration of overseas entities with property interests in the UK, with Companies House is fast approaching.
No time can be wasted given the amount of work that goes into the verification process, before an application for registration can be made. Not forgetting those overseas entities that owned a qualifying estate on February 28, 2022 and have subsequently disposed of their interest, which will still be caught by the rules.
For further information please see our previous article here.
Additional Measures in the Future
Following the introduction of the Economic Crime (Transparency and Enforcement) 2022 Act ("ECTE ACT"), which came into force on 01 August 2022 the UK Government is now seeking further measures with the introduction of the Economic Crime and Corporate Transparency Bill which is already past Committee stage in the House of Commons.
The register of overseas entities will be amended to maintain consistency with changes intended to the Companies Act 2006.
Amongst the other far reaching and significant changes intended by the Bill are:
- reforms to Companies House including the introduction of identity verification for all new and existing registered company directors
- reforms to prevent the abuse of limited partnerships by tightening registration requirements and increasing transparency
- additional powers to seize and recover suspected criminal cryptoassets by boosting criminal confiscation powers
- reforms to give businesses more confidence to share information in order to tackle money laundering and other economic crime
- new intelligence gathering powers for law enforcement and removal of nugatory burdens on business.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.