The Register of Overseas Entities came into force in the UK on 1 August 2022. The register is held at Companies House and requires overseas entities that own land or property in the UK to declare their beneficial owners and / or managing officers. Companies House has recently confirmed that there had been more than 30,000 registrations since the register was launched.

The register forms part of the government’s strategy to combat economic crime, whilst ensuring legitimate businesses continue to see the UK as a great place to invest. 

There is an annual filing requirement for the register of overseas entities. This means that registered entities must file an overseas entity update statement one year after the overseas entity was registered, and every year after that. This is required in order to inform Companies House of any changes, or to confirm that the information they hold is still correct.

Information on the register is available to HMRC and is used to help identify offshore tax non-compliance of:

• overseas legal entities
• overseas legal arrangements
• beneficial owners (including settlors, beneficiaries etc.)

There are financial penalties for entities that have failed to comply with the rules. As well as financial penalties, overseas entities which fail to register will find it difficult to sell, lease or raise charges over their land.  

Source: New feed