UK Warns of ‘Severe’ Penalties for Offshore Property Owners
- Deadline passes for overseas owners to register with UK
- UK threatens fines, land penalties, prison for non-compliance
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Overseas owners of property in the UK face the prospect of financial penalties or prosecution after a deadline passed for them to register with British authorities and declare the identities of their beneficial owners.
The UK government is preparing enforcement action against entities that haven’t complied with the Jan. 31 deadline, who may face “severe sanctions,” the Department for Business, Energy & Industrial Strategy said in an e-mailed statement Wednesday. An estimated 12,930 out of a total of 32,440 registered overseas organizations are yet to declare their beneficial owners, BEIS said.