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ARTICLE · 02 MAY 2018

UK Property Register

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The UK Government has confirmed the introduction of a new public Register of UK property ownership identifying the ultimate beneficial owners of UK owned real estate.

United KingdomReal Estate and Construction
David Dorgan
David Dorgan
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Introduction

The UK Government has confirmed the introduction of a new public Register of UK property ownership identifying the ultimate beneficial owners of UK owned real estate. There will be a consultation in the summer of 2018, but the register is expected to be effective in 2021.

The Register

The UK Property Register (Register) will apply to:

  • any freehold and leasehold interest (of registrable duration having more than 7 years of term left to run) in UK property; and
  • all legal forms that can hold property.

The latter will include all companies. It is expected that express trusts will be excluded due to the disclosure requirements of the UK Trust Register. However, it is unclear if unit trusts will be subject to the Register as HMRC has indicated that unit trusts (wherever domiciled) are not "express trusts" for the purposes of the UK Trust Register.

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