The announcement came in a speech by Boris Johnson to the House of Commons last week as the UK aims to crack down on ‘dirty money’ in the current housing market and is explicitly aimed at supporters of the Russian government in the wake of the invasion of Ukraine.

The Economic Crime (Transparency and Enforcement) Bill will introduce a register of overseas entities that will detail foreign owners of international companies that own properties and land in the UK and is intended to stop owners from hiding their identity.

Plans for an overseas owners’ property register have been under discussion for a number of years but has always come up against government opposition.

The Bill, which is to be introduced to the House of Commons before Easter, will apply to properties bought up to 20 years ago in England and Wales, and from 2014 in Scotland. Entities that do not declare the beneficial owner will face selling restrictions and people found breaking the disclosure rules could face up to five years in prison.