Due to new legislation all overseas entities who own or lease land or property in the UK have until the 31 January 2023 to register with Companies House to obtain a Register of Overseas Entities (ROE) number. Entities that disposed of property or land after 28 February 2022 will also need to register.

Since 1 August 2022, in accordance with the Economic Crime Act 2022 (ECA22), HM Land Registry began applying restrictions upon all overseas entities that own UK property. As such, all overseas entities should have received a letter notifying that the registration has now been placed upon a title number.

If you have already obtained an ROE number, the restriction will remain on the title number. However, you will have complied with the ECA22 and will be able to transact with the property or land as and when required.

For those who have not yet registered, non-compliance with the register has severe penalties, including fines of up to £2,500 per day for individuals or a prison sentence of up to 5 years. Furthermore, there may be future limitations on transacting with UK property or land.

What should you do if you think you might be affected?

For clarity on how a beneficial owner is defined and whether you are affected by this new legislation, click here to receive the latest advice from HWFisher.

HWFisher is a Top 30 UK Accountancy Firm, regulated by the ICAEW, and can assist you in verifying the identity information required by Companies House, as well as obtaining the Overseas Entity ID which is now required by Land Registry. The full service they provide includes:

• Providing Companies House with the information they require
• Verification of Client Due Diligence documentation
• Payment of the fee in order to obtain the ID number

To find out more about the overseas registration deadline please visit HWFisher’s website