13 April 2022
Although it was only introduced as a Bill on 28 February, on 15 March, the Economic Crime (Transparency and Enforcement) Act 2022 became law in the UK. This new Act creates a number of obligations, some of which will apply to Irish companies that own land in the UK. Salvador Nash of our Company Secretarial team explains the implications.
The Oversea Entities Register will be maintained by Companies House in the UK. Those overseas companies in scope (that own freehold estate in the land or a leasehold estate in land for terms of more than 7 years) will be required, within 6 months of commencement, to register and provide beneficial ownership information which is similar to the information required for persons of significant control (or PSC register) (equivalent to the Irish Register of Beneficial Ownership of Companies). The register will be publicly accessible, but there are some exceptions and there is an annual requirement to update the register every 12 months.
Clients should determine whether or not they are in scope for registration as an overseas entity that owns land in the UK. If in scope, as commencement is expected any day, steps should be taken now to gather the required information to permit registration with Companies House in the UK before the end of the transitional period.
For any advice do not hesitate to contact any member of our KPMG Law LLP team. We'd be delighted to hear from you.
Principal and Head of Company Secretarial