Register of overseas entities holding UK property: Act receives Royal Assent

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The Act introduces new requirements for any “overseas entity” that owns or acquires UK land to take steps to identify its “beneficial owners” and to register this information with Companies House. This information will then appear on a register that is publicly accessible. These provisions will come into force within 6 months of the commencement date, which is yet to be announced. The Act also makes provision about unexplained wealth orders and sanctions (the latter of which have already come into effect).