London Daily

Focus on the big picture.
Wednesday, Aug 05, 2026

Property register fines worth £1bn not yet imposed

Property register fines worth £1bn not yet imposed

The UK has so far failed to impose fines worth as much as £1bn on foreign companies breaking a landmark transparency law, BBC analysis reveals.

Since January, overseas firms that own UK property can be fined up to £2,500 a day unless they declare their owners.

Thousands are still to do so, including firms which have been linked to oligarchs such as Roman Abramovich, but no fines have yet been issued.

The government said it was "building cases" against unregistered companies.

The register was introduced as part of the Economic Crime Act in February 2022, following Russia's invasion of Ukraine. Ministers said it would reveal who ultimately owned UK property and also stop foreign criminals using UK property to launder money.

​​Although the majority of companies have submitted their details, about 5,000 firms with property in England and Wales have not, more than three months after the 31 January deadline. The government suggests the figure is likely to be lower, as some companies may no longer exist and several hundred have already transferred their property. ​​

​​But even if there were just 4,000 firms that are not complying with the law, the total value in fines would add up to £10m per day if the maximum daily financial penalty was imposed on every company that has not supplied its information.

​​Over the entire period since the deadline, more than 100 days, this would add up to around £1bn.

Some foreign companies may not be aware of the new law yet, while others could be struggling to identify and verify all their beneficial owners, according to John Barnett from the Chartered Institute of Taxation.

But there may be others that have no intention of complying.

They could be "burying their head in the sand" or making a deliberate decision to "take the risk of… fines, confiscation of the property", Mr Barnett told the BBC.

Although no financial penalties have been issued, a spokesperson for the Department for Business and Trade said it was building cases against companies who have failed to register by the deadline and working with law enforcement to "prioritise action against the most egregious offenders".

The spokesperson said the UK was the first country in the world to take "this tough new approach to tackle money laundering through property", adding: "Fines are just one tool in our arsenal to crack down on non-compliance, and non-compliant companies are already unable to buy or sell unregistered land, cutting off the flow of money."

But, as the government itself has acknowledged, it's a complicated business establishing which properties are owned by oligarchs with links to Vladmir Putin.

When the Foreign Office announced further sanctions last month against those who knowingly assisted sanctioned Russians - including Mr Abramovich - to hide their assets, it said oligarchs had "scrambled to shield their wealth" with the help of financial fixers, offshore trusts, shell companies and family members.

This west London property was reported to belong to Roman Abramovich


A 15-bedroom west London mansion widely reported as Roman Abramovich's home - planning applications for the property were made in the Abramovich name - was purchased for £90m in 2011 by Cyprus-based firm A. Corp Trustee. The company appears to be among those breaching the law by failing to provide details to the register.

A few miles away is a multimillion-pound City of London block that the Pandora Papers document leak revealed was owned by businessman Said Gutseriev - who was sanctioned in 2022 - via an offshore company that also does not appear to have submitted its ownership details to the corporate registry Companies House.

Neither Mr Gutseriev nor Mr Abramovich responded to the BBC's requests for comment.

Also apparently violating the law by not filing to the register are firms with property linked to energy and metals tycoon Oleg Deripaska, who was named in a UK court hearing as the beneficial owner of a Grade II-listed art deco mansion in Surrey and a large home in London's Belgrave Square.

Protesters occupied the Belgrave Square property in March 2022


When last year the Belgrave Square house was occupied by demonstrators supporting housing for Ukrainian refugees, a spokesman for the billionaire said the property belonged to family members rather than the oligarch himself.

Asked whether companies he was linked to were violating the new transparency law, a spokesperson for the oligarch told the BBC "none of these properties are owned by Mr Deripaska".

A BBC and Transparency International investigation in February found that despite the new transparency laws, the owners of about 50,000 UK properties held by foreign companies remained hidden from public view.

This included companies that either ignored the law altogether or filed information in such a way that it remained impossible for the public to find out who ultimately owned and benefited from them.

Helena Wood, head of the UK Economic Crime Programme at the Royal United Services Institute think tank, said: "Although the new register is to be welcomed as a deterrent for the future, its ability to retrofit an existing system based on 30 years of turning a blind eye was always going to be limited."

Newsletter

Related Articles

0:00
0:00
Close
Lightning Strike Kills Yala FC Player During Match in Southern Thailand
Senate Scrutinises AI-Driven Personalised Pricing
Spain Seeks Mainland Transfers for 1,100 Children Stranded in Ceuta
UK Government Pushes New Procurement, Skills and Technology Policies Amid Economic Pressure
UK Charity Commission Investigates Donations Linked to Israeli Settlement Groups
UK Government Faces Pressure Over Possible Windfall Tax on Bank Profits
South East Water Provides Emergency Support After Kent Supply Disruptions
UK Defence Supports US Operation to Seize Russian-Flagged Oil Tanker in North Atlantic
Green Party Wins First Westminster By-Election Seat in Historic Gorton and Denton Victory
UK Farmers Face Rising Bluetongue Disease Cases Among Sheep Flocks
UK Government Warns Retailers and Fuel Suppliers Against Exploiting Price Pressures
Apple, AI Deepfakes and New UK Rules Highlight Growing Digital Regulation Challenges
UK Education Department Expands Fully Funded Apprenticeships for Under-25s
National Crime Agency and Spanish Police Arrest Scotland’s Most Wanted Fugitive in Madrid
UK Labour Government’s Devolution Plans Renew Debate Over Written Constitution
EY UK Forecasts Weak Growth in 2026 as Energy Risks Continue to Pressure Households
Apple Challenges UK Government Demand for Access to Encrypted iCloud Data
UK Government Considers Public Inquiry Into Jeffrey Epstein Network and Institutional Links
Cabinet Office Reforms UK Government Procurement Rules to Prioritize Local Jobs and Skills
UK Energy Security Faces Pressure From Middle East Conflict and Red Sea Disruptions
UK Government Expands Employment Discrimination Review Amid Labour Market Changes
UK Campaigners Call for Ban on Toxic Flea Treatments Linked to Water Pollution
MI6 Ranked Europe’s Leading Foreign Intelligence Service in Independent Review
Houthi Missile Attack on Saudi Oil Tanker Raises Further Red Sea Shipping Concerns
Palantir Faces UK Tax Criticism After Paying Two Million Pounds in Corporation Tax
Advanced AI Models Show Unexpected Behaviour During UK Cybersecurity Testing
Bank of England Introduces Tougher Artificial Intelligence Testing Rules for Financial Firms
Next Raises Annual Profit Forecast to One Point Two Four Billion Pounds After Strong Summer Sales
New UK Visa Rules Tighten Skilled Worker, Student and Family Migration Routes
UK Government Proposes New Equal Pay Enforcement Powers for Employers
UK High Court Blocks Home Office Deportation Policy for Alleged Trafficking Victims
UK Health Secretary Yvette Cooper Announces Major Reform of NHS Maternity Services
BP Reports Four-Year High Quarterly Profit of Five Point Seven Billion Dollars Amid Energy Market Turmoil
Bank of England Holds Interest Rate at Three Point Seven Five Percent as UK Growth Remains Weak
Spain and Morocco Trade Blame After 72,000 Migrants Enter Ceuta
Met Police Investigated Journalist Who Questioned Cambridge Professor
Badenoch Defends Tory Candidate Jailed for Antisemitic Abuse of Luciana Berger
NHS Spends £240m a Year Storing Paper Records Despite Digital Push
Apple Seeks Court Order to Stop OpenAI Using Alleged Trade Secrets
Breaking With the Past: One of the World’s Smallest Countries Changes Its Name
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
Comcast: Tied to a Chair and Hit in the Face With Cake: The Regular Humiliation Ritual at the US Corporate Giant
Aston Martin Faces Legal Threat Over £550m Rescue Deal
Conservative Party and Reform UK Face Growing Scrutiny Over Political Transparency
GMB and Public Sector Unions Prepare for Wider Debate Over Government Priorities
UK Government Faces Pressure to Address National Water Infrastructure Failures
NHS Radiographers Report Rising Racist Abuse From Patients
Breast Cancer Experts Call for Overhaul of NHS Diagnostic Approach
UK Government Reviews Prison Policy After Debate Over Capacity and Public Safety
Nigel Farage Faces Questions Over Leadership Discussions and Five Million Pound Donation
×