UK Property Register for foreign owned property

Proposals for the first register of foreign owned property should be put into practice urgently according to MPs. More than £90 billion is estimated to be laundered illegally through the UK each year as properties are bought using illicit funds and left unoccupied. According to a committee report, in 2017, 160 properties worth over £4 billion were purchased by high corruption risk individuals. 86,000 properties in the UK have been identified as owned by companies incorporated in tax havens.

The Government wants to pioneer the development of a publicly accessible register of overseas commercial entities that will expose whoever is the beneficial owner behind a foreign company. Information on the register should be updated every year and before any property transaction takes place. Tougher verification checks will be required to ensure fraudsters do not submit false entries. Companies House could be responsible for checking the accuracy of information provided. All foreign registered entities will be affected by this change.