As part of the drive towards increased transparency, a register of shareholders of UK property owning companies may have the unintended effect of making borrowing by those companies more laborious as registration of the company will need to take place before a charge can be registered on the property.
Privacy is one of the reasons that people may wish to hold property through offshore companies despite the changes to the Inheritance Tax treatment of such structures.
As privacy decreases it is an opportune moment for people to identify what information about them is already in the public domain and look at rectifying any errors. The CB profile Service (www.collyerbristow.com/profile) could be a useful way of cleaning an erroneous online profile.
Shareholders of overseas companies holding UK residential and commercial property will be publicly named in a register from 2021, under draft legislation published by the Government last month.