Consultation outcome

Property ownership and public contracting by overseas companies: improving transparency

• From: Department for Business, Energy & Industrial Strategy
• Published: 4 March 2016
• Last updated: 5 April 2017 — See all updates

This was published under the 2015 to 2016 Cameron Conservative government

Applies to England and Wales

This consultation has concluded

Detail of outcome

The discussion paper explored the principle of whether we should legislate to create a beneficial ownership register of overseas companies that own UK property or participate in UK government procurement.

The responses have confirmed the need to create this register and allowed us to develop the proposals further. We’re seeking views on the detail of these proposals in a call for evidence: Property ownership and public contracting by overseas companies and legal entities: beneficial ownership register.

Feedback received

Enhancing transparency of beneficial ownership information of foreign companies undertaking certain economic activities in the UK: summary of responses

PDF, 369 KB, 13 pages

Detail of feedback received

We received 38 responses to the discussion paper. These came from:

• law firms
• trade associations and representative bodies
• estate agents
• civil society and transparency campaigners
• government
• individuals

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Original consultation

Summary

We're seeking views on how to increase the transparency of overseas investment in property and public contracts.

This consultation ran from
4pm on 4 March 2016 to 11:45pm on 4 April 2016

Consultation description

This discussion paper sets out proposals to improve the transparency of ownership of overseas companies that purchase property or participate in public contracting.

The proposals are designed to help prevent the UK from being a safe haven for corrupt money from around the world.

The consultation closing date was extended to Monday 4 April 2016.

Documents

Enhancing transparency of beneficial ownership information of foreign companies undertaking certain economic activities in the UK: discussion paper

Ref: BIS/16/161

PDF, 534 KB, 37 pages

Published 4 March 2016
Last updated 5 April 2017 + show all updates

1. 5 April 2017

   Added feedback and outcome.

2. 30 March 2016

   Consultation closing date extended to 4 April 2016.

3. 4 March 2016

   First published.