Date

Coming soon - Residential and commercial properties

Venue

London

Next Auction

0800 009 6304

Compare Listings

Government to reveal foreign owners of UK property

Government to reveal foreign owners of UK property

Theresa May will set out a timetable to break the secrecy surrounding the foreign ownership of British property worth billions after facing a House of Lords defeat at the hands of two Conservative peers.

Lord Faulks, a former Tory justice minister, and Lord Hodgson have been calling on the government to establish a register exposing the beneficial owners of overseas companies and legal entities, and want it done within 12 months.

The peers put forward an amendment to the sanctions and anti-money-laundering bill, which would have been likely to inflict a government defeat on Wednesday.

Although ministers had provided reassurance on the issue previously, talk of a two-year consultation and no timetable raised fears of it being kicked into the long grass – spurring the potential Lords rebellion.

A government offer of a concession persuaded Faulks not to push the issue to a vote, although campaigners were critical of the government’s promised timetable.

They said a promise to table draft legislation by this summer, followed by the main bill a year later, would delay an operational register until 2021.

Rachel Davies Teka, Head of Advocacy at Transparency International UK, said: “Although I welcome a clear timetable being laid out, I am disappointed by the significant delay to primary legislation given the fact that the policy has cross-party support, and has already undergone two consultations. Read more.

Courtesy
The Guardian 

Related posts

How Help to Buy ISA works

If you are saving to buy your first home, save money into a Help to Buy: ISA and the Government...

Continue reading

What is Help to Buy – Equity Loan?

Currently the Government’s Help to Buy initiative has two key elements – the Equity Loan and...

Continue reading

Affluent millennials targeted by UK property

Spotting a chance to generate income, institutional investors such as pension funds have taken to...

Continue reading

Join The Discussion