More than one in ten properties in England and Wales registered overseas are owned by companies in the Isle of Man.
Research by the BBC found that about 97,000 properties in England and Wales were held by overseas firms, as of January 2018. Two-thirds are registered to firms in the British Virgin Islands, Jersey, Guernsey and the Isle of Man. Just over 11% is owned by Manx registered entities.
The largest percentage, more than a quarter, are owned by some 11,700 firms registered in the BVI. Some 44% of all properties owned by overseas companies in England and Wales are in London and more than one in 10 properties are in the City of Westminster. More than 6,000 properties are in the London borough of Kensington and Chelsea.
From April last year, UK residential property held via an offshore company ceased to be treated as an offshore asset for UK inheritance tax purposes. This has been a major change as many non-UK residents held UK residential properties through offshore companies to avoid any exposure to UK inheritance tax.