The Register of Overseas Entities requires overseas owners of UK property to register and report their beneficial ownership to Companies House when they own, buy or sell UK property.

This is a freeview 'At a glance' guide to the Register of Overseas Entities.

Subscribers: see Agent guide to Register of Overseas Entities.

At a glance

The Register of Overseas Entities launched on 1 August 2022.

Overseas entities who own, buy, sell, or transfer property or land in the UK are required to register with Companies House to:

  • Provide details of their registrable beneficial owners or managing officers.
  • Meet annual compliance obligations which require this information to be kept up to date.

After registering, the overseas entity receives a unique Overseas Entity ID which it used with the Land Registry when it buys, sells, transfers, leases or charges UK property or land.

The rules apply retrospectively to overseas entities who bought property or land on or after:

  • 1 January 1999 in England and Wales.
  • 8 December 2014 in Scotland.
  • 1 August 2022 in Northern Ireland.

Entities that have disposed of property or land after 28 February 2022 also need to register and give details of that disposal.

Entities have a deadline of 31 January 2023 to provide details of their current ownership or qualifying disposals.

Non-compliance with this regime could result in:

  • Being unable to register or dispose of land.
  • Fines of up to £2,500 per day.
  • Prison sentences of up to five years.

There is a six-month transitional period for registrations to be completed from when the register comes into force.

Registration requirements & deadlines

Event  Deadline

Register the current owner of freehold property or leasehold property granted for a term of more than seven years which was registered as the proprietor of such interest at HM Land Registry after lodging an application:

a) in England and Wales on or after 1 January 1999

b) in Scotland on or after 8 December 2014; and

c) in Northern Ireland on or after 1 August 2022

On or before 31 January 2023 
Acquires freehold property or leasehold property granted for a term of more than seven years on or after 1 August 2022 

Transitional provisions: on or before 31 January 2023, for events up to that date

Events after 31 January 2023 deadline TBA

Must Register with Companies House before it can register on the Land Registry

Disposes of freehold property or leasehold property granted for a term of more than seven years between the dates on or after 28 February 2022 and on or before 31 January 2023. On or before 31 January 2023 
Disposes of freehold property or leasehold property granted for a term of more than seven years after 31 January 2023. Updates the Register: Deadline TBA
Any other change of interest over a property.

Transitional provisions: on or before 31 January 2023, for events up to that date.

After 31 January 2023 prior to making any changes to the Land Register.

Annual updates:

A statement that the entity has no reasonable cause to believe that anyone has become or ceased to be a registrable beneficial owner during the update period.

A statement that the entity has reasonable cause to believe that at least one person has become or ceased to be a registrable beneficial owner during the update period.

Within the period of 14 days after each update period.

 

 Need help in Registering an Overseas Entity?

Looking for a UK-regulated Agent to make your verification checks?

Contact VtaxP Support for friendly advice and a quote.

 


Small acorn
If you like our content come and join us.

Thousands of accountants and advisers and their clients use www.rossmartin.co.uk as their primary TAX resource.

Register with us now to receive our FREE weekly SME Tax News update.