New requirement introduced within The Economic Crime (Transparency and Enforcement) Act 2022.
The Economic Crime (Transparency and Enforcement) Act 2022 introduced a new requirement for overseas entities owning UK property (freehold or leasehold) or land to identify and register details of beneficial owners on a public register maintained by Companies House.
The register came into force on 1st August 2022 and applies retrospectively to property or land acquired on or after 1st January 1999 in England and Wales. There is a transitional period of six months to allow overseas entities time to comply with the legislation and entries on the Register of Overseas Entities (ROE) must be made by 31st January 2023.
Where a sale of land or property occurred after 28th February 2022, the selling entity still has an obligation to register with Companies House by the end of the transitional period.
You can find more information on this update here.