Non-UK Residents: Property Ownership Register

Baroness Donaghy Excerpts

Tuesday 2nd November 2021 Lords Chamber

Asked by

[Baroness Donaghy]

To ask Her Majesty’s Government what plans they have to establish a compulsory register of United Kingdom property owned by non-UK residents.

[The Parliamentary Under-Secretary of State, Department for Business, Energy and Industrial Strategy (Lord Callanan) (Con)]

My Lords, in line with our commitment to make the UK a hostile place for illicit finance, the UK remains committed to establishing a new register of beneficial owners of overseas entities that own or buy property in the UK. The register requires primary legislation and the Government will legislate when parliamentary time allows. Her Majesty’s Land Registry does not hold information on the nationality of individuals as property owners and currently has no plans to introduce this.

[Baroness Donaghy (Lab)]

I thank the Minister for that Answer. We are talking about £170 billion-worth of property. The Government are supposed to support the idea of legislation to deal with what David Cameron called dirty money, and a Home Office and Treasury report last December raised the government assessment of the money-laundering risk for property ownership from medium to high. The report said:

“Corrupt foreign elites continue to be attracted to the UK property market, especially in London, to disguise their corruption proceeds.”


If the Government support legislation, why do they not get on with it?