Question to the Department for Education:

To ask the Secretary of State for Education, what steps he is taking to use the provisions in the Economic Crime (Transparency and Enforcement) Act 2022 to reveal the beneficial owners of purpose-built student accommodation.

The Register of Overseas Entities forms part of the Economic Crime (Transparency and Enforcement) Act 2022, which received Royal Assent on 15 March 2022. Once the register opens for registrations, new acquisitions by overseas entities, including of purpose-built student accommodation, will have to be registered across the UK.

Overseas companies already owning land in England and Wales, and Scotland, will be required to register their beneficial owners within six months. This will already include the beneficial owners of purpose-built student accommodation, if applicable. Any overseas entity disposing of its property holdings between 28 February 2022 and the end of the transition period will be required to provide information to Companies House about the beneficial owners of the entity at the time of disposal. This includes where the disposal relates to any student accommodation.