In response to Russia’s recent actions in Ukraine, the UK government has brought forward the implementation of the Economic Crime (Transparency and Enforcement) Bill, also known as the “Bill”.
One of the main aspects of the “Bill” is the introduction of a public register of beneficial ownership of UK property held non-UK companies and similar entities.
Who needs to be aware of the “Bill”?
- Non-UK companies that own UK real property and their shareholders and officers;
- Non-UK corporate trustees holding UK real property directly or indirectly;
- Settlors, protectors and beneficiaries of non-UK trusts that hold UK real property directly or indirectly;
- Foundations that hold UK real property and their founds, board members and beneficiaries
- Non-UK partnerships that hold UK real property
Who are regarded as the “beneficial owners” of an overseas entity?
“Beneficial owners” are individuals, governments and public authorities or other legal entities that meet one or more of the following conditions:
- Ownership of shares
- Voting rights
- Right to appoint or remove directors
- Significant influence or control
If you are a beneficial owner of company which is not up to date, it would be advisable to review your circumstances