The OE Register is a public register maintained by Companies House revealing the ultimate beneficial owners (which fit certain criteria) of Overseas Entities (OEs) holding UK property to ensure that companies, or other structures, cannot be used to disguise ownership.
OEs which already own UK property (subject to a few exclusions) have six months to get themselves (and details of their registrable beneficial owners) registered on the OE Register.
OEs wanting to purchase UK property will likely need to register sooner to be able to complete transactions.
Restrictions will go on most England and Wales (E&W) land titles owned by OEs preventing certain dispositions without registration on the OE Register.
There are criminal penalties for non-compliance.
UK entities entering into land transactions with OEs will need to ascertain whether the OE should be registered on the OE Register prior to the transaction proceeding.
Although the Act applies throughout the UK, this note mainly considers the position in E&W. The Act applies similar provisions across Scotland and Northern Ireland but there are some minor differences.
The Act is complex, and this note is only a simplified guide to some of the most important issues. It will be crucial to obtain specific legal advice in relation to any UK land transaction involving an OE.
