Overseas entities that own UK property must use the Register of Overseas Entities to provide Companies House with information about their beneficial owners and relevant trusts. The deadline for such disclosure was 31 January 2023. See HMRC’s policy paper.
HMRC will be able access this information towards the end of February 2023. It is therefore urging taxpayers to declare any unpaid tax relating to UK properties held in these structures before it commences investigations.
Disclosures should be made through the Worldwide Disclosure Facility, unless fraud has been committed, in which case the Contractual Disclosure Facility should be used.
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Property Investment, by Satwaki Chanda, is a major work for serious property investors and their professional advisers. The text leads the reader through the cycle of property ownership, from acquisition to eventual disposal. At each stage, the complex tax issues are clearly explained and fully illustrated.
