For years, commentators have looked askance at the UK’s hyper-capitalist residential property market, and have waited for public patience with offshore gaming to end. The move has in fact been accelerated owing to a crack-down on money laundering following Putin’s invasion of Ukraine. The rabid commercialisation of residential property, in particular, has seen overseas ownership tripling since 2010, now sitting at over 1 per cent of all UK properties. This will prohibit that entity from buying or selling property or land in the UK,” says Companies House. Whether deliberate or not, this can hide who the ultimate beneficial owners are.”From tomorrow the beneficial owner, corporate structure or entity or the agent of a land or property purchase in the UK must be registered.

Source: The Times January 31, 2023 18:17 UTC