In this blog post we summarise the key proposals put forward by the government in its April 2017 consultation document setting out details of its proposed new public register recording beneficial ownership of overseas companies owning or wanting to purchase UK residential property.
Since April 2016, UK registered companies have been required to keep their own register recording the person(s) who have significant control of that company (a PSC Register), and, since June 2016, UK companies have needed to deliver their PSC Register to Companies House at the same time as they file their ‘confirmation statement’ (which replaces the ‘annual return’).
Although this requirement is currently restricted to UK registered companies, the government has been moving towards greater transparency. In April 2017 the government published a consultation outlining its proposal to introduce a publically accessible beneficial ownership register in relation to overseas companies which own or purchase UK residential property.
To date the Government has yet to publish its formal response to this consultation document and the measure remains only a proposal at this stage.