Background
In 2016 and 2017 the Government consulted on the proposal to introduce a public register of beneficial ownership of UK Property in order to increase ‘transparency and trust in the UK property market and support law enforcement in their investigations’.
The Government, then, in July 2018 published draft legislation to implement the Register, with a view to the Register becoming operational in 2021.
These provisions supplement the existing provisions on the disclosure of beneficial ownership of UK entities and the registration of trusts, and will impact both existing owners and purchasers of UK property. Failure to comply with the regime will impact on the ability to acquire, let and sell UK land.
Based on the draft legislation, the key aspects of the regime are as follows:
