Government Announces Consultation on a Register of Beneficial Owners of Overseas Companies

On 5 April the government issued a consultation on the introduction of a new register which will disclose the beneficial owners of companies which either invest in UK property and/or participate in UK government procurement.

This follows on from the introduction last year of the register of beneficial owners and controlling parties of UK companies and limited liability partnerships and continues the Government drive towards transparency of companies owning UK assets or doing business in the UK.

The consultation period lasts until 13 May 2017 and we expect the outcome of the consultation and next steps to be published during the summer.

If you have any questions or would like to discuss this with us, please contact us.