> In 44% of cases, representing c£190bn of property, the real human owner (the “beneficial owner”) is hidden, despite the law requiring disclosure.
> Some of this will be accidental, but the evidence suggests that a significant proportion is intentional. Some people are just not registering. Others are registering offshore companies as beneficial owners, rather than the individuals who really control the property. And over a fifth of all properties are held by trusts that fail to declare the true owner.
> In 2022, new rules required most overseas entities owning UK real estate to register with Companies House and declare who owns them – their “beneficial owners“. As many people have pointed out, the rules have been widely ignored.
Pointless to have rules and laws when organisations and the government are not enforcing them. I have to complete the Companies House’s identity check in two weeks early February, if I fail to do so I can be fined. Will be interesting to see how many ignores the check and whether the penalties are being enforced or not. I have a feeling it ends up like this; dodgy outfits ignore the rules and keep going as if nothing has changed.
Counterpoint-4 on
Give them 3 months to comply with the law and then confiscate the property, sell and pay the money into building public housing.
Bicolore on
Any idea why they single out yorkshire in their data?
Klumber on
The UK is the worlds foremost enabler of tax havens. One of the reasons the Tories were so keen on Brexit was unspoken: a lot of their mates have overseas ‘vehicles’ to accumulate obscene wealth and the EU was putting through legislation to put a halt to that practice.
Either we all pay put share of taxes on property and capital, or none do. The tax system in the UK is screaming out for reform to make things fairer for ‘the common man’*.
* absolutely detest that term, but in this instance it is justified.
MyStackOverflowed on
how many of these are just dual nationals that live here
5 commenti
> In 44% of cases, representing c£190bn of property, the real human owner (the “beneficial owner”) is hidden, despite the law requiring disclosure.
> Some of this will be accidental, but the evidence suggests that a significant proportion is intentional. Some people are just not registering. Others are registering offshore companies as beneficial owners, rather than the individuals who really control the property. And over a fifth of all properties are held by trusts that fail to declare the true owner.
> In 2022, new rules required most overseas entities owning UK real estate to register with Companies House and declare who owns them – their “beneficial owners“. As many people have pointed out, the rules have been widely ignored.
Pointless to have rules and laws when organisations and the government are not enforcing them. I have to complete the Companies House’s identity check in two weeks early February, if I fail to do so I can be fined. Will be interesting to see how many ignores the check and whether the penalties are being enforced or not. I have a feeling it ends up like this; dodgy outfits ignore the rules and keep going as if nothing has changed.
Give them 3 months to comply with the law and then confiscate the property, sell and pay the money into building public housing.
Any idea why they single out yorkshire in their data?
The UK is the worlds foremost enabler of tax havens. One of the reasons the Tories were so keen on Brexit was unspoken: a lot of their mates have overseas ‘vehicles’ to accumulate obscene wealth and the EU was putting through legislation to put a halt to that practice.
Either we all pay put share of taxes on property and capital, or none do. The tax system in the UK is screaming out for reform to make things fairer for ‘the common man’*.
* absolutely detest that term, but in this instance it is justified.
how many of these are just dual nationals that live here