Written question asked by Lord Taylor of Warwick (Non-affiliated) on Tuesday, 11 January 2022, in the House of Lords. It was due for an answer on Tuesday, 25 January 2022. It was answered by Lord Callanan (Conservative) on Tuesday, 25 January 2022 on behalf of the Department for Business, Energy and Industrial Strategy.

Foreign Companies: Property

Question: To ask Her Majesty's Government when they will implement a public register of beneficial owners of overseas entities that (1) buy, or (2) sell, property.

Answer: As set out in the Written Ministerial Statement I made on 2^nd November 2021, the Government remains committed to establishing a new beneficial ownership register of overseas entities that own UK property. Overseas entities selling property will commit an offence if they sell their property at a time when they are in breach of the registration requirements. This register will help combat money laundering and achieve greater transparency in the UK property market. We will legislate when parliamentary time allows. Overseas entities in scope that already own land in the UK will be given 18 months to comply with the new requirements or dispose of their land.

Secondary information