The Government has just announced that it intends to publish draft legislation which when passed, will require all overseas companies that own or buy property in the UK to provide details of their ultimate owners.
The draft legislation is expected to be published this summer with the register going live by early 2021.
The plan to set up such a public register of UK property owners has been under discussion for some time. However, it remains to be seen what a company will need to provide in order to satisfy the test for the ultimate owners under any new legislation, and what impact this will have on the property market.
