07/04/2017.

Government proposals to establish a public register showing the beneficial owners* of UK property controlled by overseas companies will set an international precedent and “strengthen the UK’s position as a world leader in corporate transparency and anti-corruption”, claims the Dept for Business, Energy and Industrial Strategy.

Since 2004, more than £180m of UK property has been identified as the suspected proceeds of corruption. 75% of properties investigated used overseas companies to hide their real owners.

The owners and controllers of UK companies are already required to be registered with Companies House so the proposed extension of transparency requirements will level the playing field. As well as helping to tackle high level money laundering, it would mean the government would know who owns and controls UK property, wherever they come from.

‘Property ownership and public contracting by overseas companies and legal entities: beneficial ownership register’ also proposes to list the beneficial owners of overseas registered firms involved in central government procurement.

Views from overseas investors, property and transparency experts on how best to deliver the proposed register may be sent to DBEIS by 15 May.

A DBEIS research project will shortly commence assessing the likely impact of the overseas property register on inward investment and wider corporate transparency.

(* one who enjoys the benefit of a property of which another is the legal owner.)