Question to the Department for Business and Trade:

To ask His Majesty's Government what steps they are taking to identify the beneficial ownership of 100,000 properties held by foreign shell companies on behalf of others as disclosed by the report published on 4 September by the London School of Economics and Political Science, the University of Warwick and the Centre for Public Data.

We are aware of the report provided by LSE, University of Warwick and the Centre for Public Data. We consider its methodology to be highly misleading. It has arbitrarily used a different definition of ‘beneficial owner’ from that in the Economic Crime Act 2022. This means that it counts as ‘non-compliant’ many overseas entities who have provided the required information.

As of 7 September 2023, over 29,000 overseas entities have registered with Companies House. So far, over 1,200 warning notices have been issues to unregistered overseas entities. Warning notices are a pre-cursor to the imposition of a financial penalty. Financial penalties to the value of around £660,000 have so far been issued. The Government currently has no plans to publish a list of unregistered entities.