Register for foreign companies holding UK property

By Steven Pinhey, Tax Director

From April this year all UK companies and LLP's now need to identify and record the people who control and own them and these details will be maintained by Companies House on a register of People with Significant Control ('the PSC Register'). 

On 12 May 2016, the Prime Minister David Cameron hosted a landmark international anti-corruption summit in London.

Whilst the efforts to bring together world leaders, business and civil society to agree a package of practical steps to expose and drive out corruption and punish the perpetrators is applaudable, David Cameron's closing speech calling for an unprecedented global coalition to tackle the cancer of corruption went even further.

In his speech he said that "... all foreign companies which own properties in the UK will have to register publicly who really owns them, who really controls them – and no foreign company will be able to buy UK property ... without joining this register."

This latest announcement from David Cameron that any foreign company that wants to buy UK property here will have to join a new public register of beneficial ownership information before it can do so will be the first register of its kind anywhere in the world and will compliment the PSC Register.

Crucially, this new register will include companies who already own property in the UK, not just those wishing to buy. It is estimated that around 100,000 properties in England and Wales are held by foreign companies and over 44,000 of these are in London.

We are still awaiting the full details to be published, but if you would like to discuss this issue further, please feel free to speak to Steven Pinhey, our Tax Disputes and Resolution Director on
020 7490 7766 or email stevenpinhey@lubbockfine.co.uk

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