Ownership of UK property by offshore groups

Foreign companies that own properties in the UK will have to register publicly who ultimately owns and controls them David Cameron announced in his concluding remarks to the Anti-corruption Summit in London on 12 May.

Further no foreign company will be able to buy UK property or bid for central government contracts without joining this register.

Jason Collins head of tax at Pinsent Masons suggests that the measures may have limited impact. He said: ‘If the companies that own the property are ultimately held by a trust the company may only need to note the trustee on the register. I suspect there will be a clamour for the rules to require settlors protectors and the ultimate beneficiaries of those trusts to be disclosed.’

He added: ‘Public registers may just promote vigilantism and voyeurism. Those with something to hide will probably find ways to beat...