Deadline approaching to register UK property with Companies House
Companies which purchased properties before 1st August 2022 only have a few days left to register with Companies House, or they could be penalized.
Rules which came into force last August make it a requirement for ‘overseas entities’ which want to buy, sell or transfer property or land in the UK, to inform who their registrable beneficial owners or managing officers are, and register with Companies House by 31st January 2023.
What is an overseas entity?
An overseas entity is a legal entity, such as a company or other organisation, that has legal personality and is governed by the law of a country or territory outside the UK.
The Economic Crime (Transparency and Enforcement) Act 2022 came into force last August, and applies to offshore companies, partnerships and foundations.
The deadline for those who need to register is 31st January 2023.
Penalties
Penalties are high for not registering when this is needed and could result in a fine or a prison sentence.
How to register
To register with companies house, follow the steps on this page. The register will be publicly available and HMRC.
