by Stephanie Vanmarcke
Registration obligation for non-UK companies that own property in the UK
On 1 August 2022, the UK launched a “Register of Overseas Entities” to combat money laundering and tax evasion. In other words, there is now a registration obligation in force for all overseas (non-UK) entities that own or lease land or property in the United Kingdom. This article briefly explains the implications.
The registration obligation applies to all properties in England or Wales acquired on or after 1 January 1999. There are similar requirements for properties in Scotland acquired on or after 8 December 2014.
The rules stipulate that qualifying entities must have registered their property ownership in the above-mentioned ROE by 31 January 2023 at the latest.
Failure to comply with this legislation will result in severe penalties. Possibilities include restrictions on properties or land transactions within the United Kingdom, GBP 2500 in fines per day or up to five years’ imprisonment.
Any questions? Please contact one of our experts.
Stephanie Vanmarcke
Team Manager International stephanie.vanmarcke@vdl.be
Disclaimer
In our opinions, we rely on current legislation, interpretations and legal doctrine. This does not prevent the administration from disputing them or from changing existing interpretations.
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