The Government is to introduce a new register of property ownership that will be the first of its kind in the world, set up to tackle corruption and money laundering.
The register will show who owns and controls overseas companies and other legal entities that own property in Britain.
A draft Bill is due to be published this summer, with the intention of making the register operational in 2021.
The Government has made its intentions known in its response to a consultation on the proposals.
The call for evidence opened last April, with NAEA Propertymark among the 56 submitting a response.
One of the most controversial questions in the consultation was about the impact of the proposed policy on the UK property market.
The majority of respondents thought the register could have a negative effect by deterring overseas investors. However, some thought the proposed register would have a positive impact by improving the reputation of the UK property market.
It will be a criminal offence if those on the new register do not keep their information up to date.
Comments (2)
At least it’ll help our AMLR CDD requirements.
Plenty of wriggle room left….