Only 3% of fines on offshore companies for not declaring UK property collected

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The story "Only 3% of fines on offshore companies for not declaring UK property collected" was covered 2 weeks ago by Financial Times, a news publisher based in United States.

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Financial Times 2w ago

Only 3% of fines on offshore companies for not declaring UK property collected - Financial Times

Quick Summary:

Since the introduction of the register, just £700,000 has been collected from a total £22.99mn levied in fines.

Transparency campaigners said that while the creation of the register was a positive step, the law was “just a piece of paper” if penalties were not enforced.

If a penalty is not paid within 28 days, the Companies House website warns: “The registrar may seek to enforce the debt through the courts.