Entities that hold UK property (beneficial owners) or bidders for UK public procurement contracts will have to register their beneficial ownership information in a public register under government plans for new legislation. As Lexology reports: “This week’s announcement of a specific timetable for the legislation should sharpen the sector’s focus on this potentially impactful plan. At a minimum, there will need to be changes to processes and culture within the UK property and public contracts sectors as they transition to the new regime. And the foreign companies to which more than 100,000 registered freehold and leasehold properties in England and Wales are registered will need to be put on notice about their new obligations.” Lexology lays out what it understands from the Government’s proposals.
No Comments