questionText: To ask the Secretary of State for Business and Trade, what assessment he has made of the potential merits of (a) imposing fines on companies that do not register beneficial owners under the Economic Crime and Corporate Transparency Act 2023 and (b) hypothecating those revenues for local authorities.
answerText: The Economic Crime Acts 2022 and 2023 established and enhanced the Register of Overseas Entities. Financial penalties are used where entities fail to comply. Alongside restrictions on property transactions, this helps protect the integrity of the UK prope...
heading: Ownership: Registration