UK real estate & the Register of Foreign Owners: New registration requirements, explained
As a transparency measure, the Government is set to introduce a Register of People with Significant Control over Overseas Companies owning UK real estate. Ronnie Myers of Burges Salmon and Michelle Cartwright of John Lamb Hill Oldridge explain how to navigate the new rules, which are due to come into force this year.
Ronnie is a senior associate in the private client team at Burges Salmon, specialising in the provision of tax advice to high net worth and ultra-high net worth international individuals, financial institutions and international trust companies. He advises individuals who are UK resident, but not UK domiciled and non-UK resident individuals on a variety of areas including: personal taxation taxation and planning in relation to trusts succession planning and high value UK real estate structuring and taxation.
What to read next
What real impact would a public register of beneficial owners have on the UK property sector?
The new draft Bill promises more transparency in the UK property industry, but will it cause headaches for estate agents, solicitors and developers - and will it put off overseas investors?
By PrimeResi
‘There will be nowhere to hide’: Government fast-tracks Economic Crime Bill & register of overseas property owners
"Time is up for Putin's cronies hiding dirty money in the UK and this new legislation will help to crack down on economic crime, including removing key barriers to using Unexplained Wealth Orders," says…
Overseas Entities: The real estate effect
The effects of the Economic Crime Act will be felt far and wide across the UK real estate industry, writes Nathan Rees.
By Nathan Rees
Companies in this article
Burges SalmonMost read
Changing of the guard at Knight Frank’s National Country Department
‘Stan’ Matthews steps up to lead £400mn-a-year operation after 23 years with the agency.
Warwick revives 1880s Notting Hill terrace as luxury resi scheme
Four top-spec residences will be released to the market throughout the autumn.
Knight Frank appoints new Group CFO
'Knight Frank is primed for growth and I am looking forward to helping deliver this,' says Chris Davis.
By PrimeResi
Billionaires’ Row mansion changes hands for £30mn
Official records reveal big-ticket resi deal on one of north London's most famous addresses.
In Pictures: $157mn trophy estate emerges from ‘one of the most iconic renovations in Palm Beach history’
This newly-completed 27,000 sq ft waterfront compound comes with 15 bedrooms, a sunken clay tennis court, private theatre and boat lift.
Non-dom exodus could be costing Treasury £4bn a year, claims top wealth lawyer
Stephenson Harwood’s James Quarmby says it’s the wealthiest departures that matter - and warns they aren’t being replaced.
‘The best projects have a soul before they have a spreadsheet’: In conversation with YOO Group founder John Hitchcox
The property entrepreneur who helped pioneer loft living and branded residences talks London’s overlooked hotspots, buyer trends, the next big shift in the sector - and the best investment he ever made.
High-profile royal mansion heading for the private rental market?
Former home of Andrew Mountbatten-Windsor has 30 rooms and is said to cost £400k-a-year to run.
‘Ever increasing taxes cannot continue’: Charles Curran on fear, flight & the changing PCL market
The Maskells boss weighs up the impact of tax uncertainty on prime London – and spots an opportunity amid the gloom.
Real Estate Legal Digest: An essential guide to the latest developments shaping the UK property market
Stay abreast of the key policies & issues impacting the real estate sector with PrimeResi's regular legal briefing, prepared by Boodle Hatfield's team of experts.
LATEST ARTICLES
US buyer lands super-prime pied-à-terre at The Whiteley
PCL buying agency sources off-market 3,000+ sq ft apartment at landmark Bayswater scheme, amid signs of 'real momentum' returning to the prime London market.
Gordon Brown: Property is already ‘taxed quite heavily’
Former PM and stamp duty architect weighs in on the wealth tax debate - and warns policymakers to be ‘very careful’ about pushing fleet-footed UHNWIs too far.
My Property Career: Quickfire Q&A with Natalie Malka
Recruitment guru Barry Collins chats with prime resi industry leaders & entrepreneurs, distilling decades of experience & career highlights into 60 seconds.
Strutt & Parker names new regional Head of Estates & Farms
Fred Cook has returned to the firm after four years with Prime Purchase.
By PrimeResi
‘A mansion-sized exercise in mindless and needless bureaucracy’: Abrahmsohn on the High Value Council Tax Surcharge
Glentree boss takes aim at the valuation ‘cliff edges’, appeals and red tape surrounding the incoming £2mn-plus property levy.