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Draft Registration of Overseas Entities Bill.
A new beneficial ownership register of overseas entities that own UK property is likely to be launched under new proposals.
The draft Registration of Overseas Entities Bill is out for consultation and the register itself is earmarked for launch in 2021.
The Bill follows the commitment made at the international anti-corruption summit in London in 2016 to combat money laundering and achieve greater transparency in the UK property market.
Overseas entities will be required to register their beneficial ownership information with Companies House before obtaining legal title to UK property through the Land Registry. Overseas entities that own UK property as well as any that later acquire it will have to register and update their beneficial ownership information before they can undertake transactions such as selling or leasing the land or creating a legal charge over it.
The Department for Business Energy and Industrial Strategy...
