The UK's regime for the registration of overseas entities holding UK land was implemented by the Economic Crime (Transparency and Enforcement) Act 2022 with a view to preventing the use of UK land for money laundering.
The regime introduced a requirement for non-UK entities holding UK land interests to register with Companies House by 31 January 2023. Around 28,000 entities have now registered, leaving an estimated 5,000 still to register. While no fines have been issued yet, unregistered entities can be fined up to £2,500 per day.
According to a BBC report, a spokesperson for the Department for Business and Trade said it was building cases against companies who have failed to register by the deadline and working with law enforcement to "prioritise action against the most egregious offenders".
BC Verification Limited, a Bedell Cristin company, is authorised to undertake verification and registration on behalf of clients. OEs still needing to register under the new regime should contact us urgently for assistance. For further information, click here.