- Exploring the beneficial ownership disclosure regime for overseas entities—UK property
- Original news
- What is the proposed beneficial ownership disclosure regime for overseas entities and how does it apply to UK property?
- What will be the triggers for registration in relation to UK property?
- What information will need to be provided?
- What will be the consequences for non-compliance?
- Property transactions
- Public procurement
- Criminal offences
- What protections are provided for lenders who take security over affected properties?
- Do you envisage any potential problems?
- What are the timescales for implementation?
Banking & Finance analysis: How would the government’s proposed new public register showing who controls overseas legal entities that own UK property or participate in significant UK public procurement work in practice? Laura Bentham, professional support lawyer in Baker McKenzie’s corporate team, says there are clearly big picture issues around implementation that are undecided and a lot will depend upon the final form of the legislation.
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