The following Private Client practice note produced in partnership with Alison Cartin of Taylor Wessing LLP provides comprehensive and up to date legal information covering:
A publicly accessible register of the beneficial owners of non-UK companies that own UK land is due to be introduced in 2021 or 2022, under current proposals. A non-UK company that fails to register and provide the required information on its beneficial owners will not be registered as the legal owner of the UK land it holds and a restriction will be placed on the land register so that no disposition by the non-UK company will be registered (other than in limited circumstances). In practice, this means that if a non-UK company fails to register it will be unable to sell or lease the UK land it holds, or create a charge over it—see Practice Note: The beneficial ownership register of overseas entities that own UK property for more information.
This table sets out the main taxes applicable in connection with the ownership of UK residential property used as a home by an offshore company owned by a non-UK domiciled individual and should be read with the Practice Note: UK home ownership structures for non-uk domiciliaries—offshore company.
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