Overseas ownership under spotlight

The Department for Business, Energy and Industrial Strategy (BEIS) has published the government’s response to the call for evidence on the new beneficial ownership register, setting out implementation plans and an effective date of 2021. Draft legislation is expected to be published in the summer of 2018.

All legal forms that can hold property or that can bid on government contracts will fall within the scope of the new register. If an entity is already affected by another regulatory burden which also aims to increase transparency, certain exemptions will be permitted.