29th July 2022
On 1 August 2022 Companies House intends to launch the new Register of Overseas Entities, a digital service in which entities and their agents are required to register all beneficial ownership online.
Any overseas entity who intends to buy, sell, or transfer property or land in the UK will be required to register with Companies House and inform them of who the overseas entities beneficial owners or managing officers are, if any. The register will apply to any overseas entity that has bought property or land on or after the following dates:
- 1 January 1999 in England and Wales
- 8 December 2014 in Scotland
- 1 August 2022 in Northern Ireland
These entities must register with Companies House by 31 January 2023.
Overseas entities that have disposed of property or land in the UK or Northern Ireland after 28 February 2022 must also register with Companies House and provide details of those disposals.
What happens if entities do not comply?
Failure to register an overseas entity’s beneficial owners or managing officers could result in a daily fine of up to £2,500, up until the date of registration, or a prison sentence of up to five years. An overseas entity will also face restrictions when buying, selling, transferring, leasing, or charging property or land in the UK.
How we can help
haysmacintyre can help you understand the new Act and the implementation of the Register of Overseas Entities and provide ongoing support in relation to registrations and removals from the register after the initial registration.
For further information, please contact Katie Holden at email@example.com or your usual haysmacintyre contact.