Update on Companies House Register of Overseas Entities with Property Interests in the UK

Residential property in England

31 January 2023  is the deadline for registration with Companies House and it is fast approaching.  With the Christmas break looming, 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 but have subsequently disposed of their interest, which will still be caught by the rules.

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.

If you have any questions or think you may need to register your overseas entity, please get in touch with Kuldip Matharoo or Ben Habershon at: hello@dixcartuk.com.

For further information please see our previous article here

See also: https://companieshouse.blog.gov.uk/2022 and https://bills.parliament.uk/bills/3339

The data contained within this document is for general information only. No responsibility can be accepted for inaccuracies. Readers are also advised that the law and practice may change from time to time. This document is provided for information purposes only and does not constitute accounting, legal or tax advice. Professional advice should be obtained before taking or refraining from any action as a result of the contents of this document.