Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the provisions within the Economic Crime (Transparency and Enforcement) Act 2022 relating to the public register of beneficial owners of non-UK entities that own or buy land in the UK, for what reason her Department provided for an 18-month transition period for those provisions.

The Economic Crime (Transparency and Enforcement) Act 2022 requires overseas companies already owning land in England and Wales, and Scotland, to register their beneficial owners within six months. The six-month transitional period gives existing owners of property, with the vast majority legitimately holding property through overseas entities, time to understand and comply with the new rules.