Approximately 13000 companies with UK property have failed to declare owners!
These offshore companies will now be facing fines and bans on selling their land, as indicated by the government. The introduction of the new register of overseas owners of UK properties, saying it had been “invaluable for tax and revenue services, bringing transparency to opaque offshore trusts often used to obscure assets for tax purposes”. This number is approximately 40% of properties beneficial owners. There would now be further investigatory powers for Companies House and the Insolvency Service and investment of up to £20m to spend tackling money laundering through companies that own UK property.
How does this effect the UK property industry?