Many properties owned by offshore companies are in secretive trusts and are still not declaring their owners, however, the deadline as set by Companies House is this Tuesday. Over 2,400 companies have no public information on the register about who is behind them. Holding properties through offshore companies is legal and some individuals may have genuine and legitimate privacy or security concerns or business reasons for using them. Experts say it can be done to minimise an individual’s tax liability as the owner or buyer of a property or, until now, to allow a property to be held anonymously.
What will be the penalty if the firms do not comply?