The register was set up as a result of the Economic Crime (Transparency and Enforcement) Act 2022, which was passed earlier this year.

Overseas entities who want to buy, sell or transfer property or land in the UK, must register with Companies House and identify their registrable beneficial owners or managing officers. There will be a £100 charge per registration and the information will be available for public view.

After the initial registration, entities will be required to update their record once a year whether there have been any ownership changes or not.