Published: 17/03/2022Our Prime Time blog on 9 March referred to the proposed creation of a Register of Overseas Entities under the Economic Crime (Transparency and Enforcement) Bill. Following an expedited passage through Parliament this Bill is now an Act having received Royal Assent on 15 March.
There will be a transition period of six months from the commencement date under the Act to allow overseas entities which already own UK property to register at Companies House the identity of the individuals who own and/or control these entities.
The commencement date under the Act is, as yet, unknown. However the government has said that it is committed to rapid implementation so the commencement date is expected to be soon.