Proposed Register for Overseas Entities owning UK Property

The UK government is closer to establishing a register to show the true ownership of overseas companies that own or propose to buy or take a lease of UK property, with the publication by the Joint Committee on the Draft Registration of Overseas Entities Bill (the “Bill”) of its pre-legislative scrutiny report (the “Report”). Directors, shareholders and managers of Irish or other non-UK corporate entities, which own or are planning to buy or take a lease of UK property will need to consider the implications of the Bill and what it will mean for them.