As detailed in the Economic Crime (Transparency and Enforcement) Act 2022 (the "Act") introduces a new register, the Register of Overseas Entities (“ROE”) to keep track of the UK property owned by overseas entities. The register includes the details of overseas entities and registrable beneficial owners.
Consequences of Not Registering your JERSEY Entity in the Companies House
- Prison sentence up to 5 years
- Inability to buy, sell or transfer any UK properties
JERSEY Entities: Are you required to Register With the Companies House?
The Companies (Jersey) Law 1991 is the primary legislation governing the formation, administration and dissolution of Jersey companies.
- Company limited by shares
- Company limited by guarantee (suited to charitable, social, political, or other non-trading purposes)
- Unlimited liability company
- Limited life company
- Incorporated cell company
- Protected cell company
The Trusts (Jersey) Law 1984 (the “Law”) is widely regarded as having established the standard for offshore trust legislation.
- Discretionary Trust
- Fixed Interest Trust
- Accumulation and maintenance trust
- Purpose trust
- Settlor reserved powers trust
Jersey Limited Partnerships
The Limited Partnerships (Jersey) Law 1994 is the primary legislation governing the formation, administration, and dissolution of Jersey limited partnerships.
Types of Properties Owned In JERSEY that Fall Under the Scope of ROE
The types of properties under the scope of ROE is slightly different based on the location of the property:
England & Wales
- Following properties purchased on or after 1 January 1999:
- Freehold properties
- Leasehold properties with term longer than 7 years.
- Following properties purchased on or after 8 December 2014:
- Registered plot of land
- Tenancy on a registered lease
- Following properties purchased on or after 1 August 2022:
- Freehold properties
- Leasehold properties with the term longer than 21 years
At UK Property Accountants, we have specialist ROE team who have dealt with a lot of JERSEY entities and can get your overseas entities registered at speed.
Learn More here - Register of Overseas Entities - A Complete Guide
Process for the Registration of Overseas Entities
Step 01- Identification
Identify all the registrable beneficial owner(s)
Step 04- Annual Compliances
Re-verify and update the information of the Overseas Entities every year
If you are living in Jersey and involved in the UK Property and real estate, UK Property Accountants will provide expert UK tax and accounting solutions tailored to the residents of Jersey. The property taxes applicable in the UK is quite complex and can be very difficult to understand for Jersey based businesses and individuals. The UK tax system is drastically different from the tax system of Jersey.
Following are the most common forms of ownership structure commonly used by the investors and businesses based in Jersey for property ownership and property development projects:
- UK limited company with residents of Jersey as shareholders
- Private Limited Liability Company (LLC) registered in Jersey
- Direct ownership by individual investors
- Other complex structures such as trusts and entities based in Jersey
Tax experts and accountants at UK Property Accountants with experience and expertise in dealing with Jèrriais residents will be able to advise you on the best structure and execute the chosen structure. We also understand the reliefs and tax implication of the double taxation treaty between the UK and Jersey (UK/Jersey Double Taxation Treaty) signed on 2 July 2018.
UK Property Accountants also provides regular tax compliance, accounting and company law compliance services, covering various services such as:
UK Property Accountants deal with a wide range of businesses run by the residents and nationals of Register JERSEY Entity owning UK Properties with the Companies House as listed below:
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