Source · Select Committees · Housing, Communities and Local Government Committee
Recommendation 33
33
We welcome the Government’s decision to review the Landlord and Tenant Act 1954, Part II,...
Recommendation
We welcome the Government’s decision to review the Landlord and Tenant Act 1954, Part II, as recommended by our predecessor Committee. The Government should consider, whether separately or as part of the review, how to make commercial property ownership more transparent and property owners more easily contactable, such as through a national register of landlords. (Paragraph 141) Skills and transport
Government Response
Acknowledged
HM Government
Acknowledged
The forthcoming review of the landlord and tenant legislation will seek to develop proposals for a framework that helps support the efficient, flexible use of space confirmed; further details will be announced in the coming months. On the issue of making commercial property ownership more transparent, as set out in a Written Ministerial Statement made on 2 November 2021, Government remains committed to establishing a new beneficial ownership register of overseas entities that own UK property. On 15 March 2022, the Economic Crime (Transparency and Enforcement) Act 2022 received Royal Assent. A new Register of Overseas Entities, requiring those behind foreign companies which own UK property to reveal their identities, will be created under the Act. Entities who refuse to reveal their ‘beneficial owner’ will face tough restrictions on selling the property and those who break the rules could face a fine of up to £2,500 per day or up to 5 years in prison. This will be a valuable tool for law enforcement agencies in investigating suspicious wealth. Companies House will now begin work to implement the register as quickly as possible, working closely with the UK’s 3 land registries. Any foreign company selling properties between 28 February and the full implementation of the register will also be required to submit their details at the point of sale.