UK Property Ownership: Overseas Jurisdictions

Lord Wallace of Saltaire Excerpts

Wednesday 13th October 2021 Lords Chamber

Asked by

[Lord Wallace of Saltaire]

To ask Her Majesty’s Government what plans they have to increase the transparency of property ownership in the United Kingdom following media reports of the use of overseas jurisdictions to hide the identity of the beneficial owner.

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

My Lords, the Government remain committed to establishing a new beneficial ownership register of overseas entities that own UK property in order to combat money laundering and achieve greater transparency in the UK property market. The register requires primary legislation for it to be established, and the Government will legislate when parliamentary time allows.

--- Later in debate ---

[Lord Wallace of Saltaire (LD)]

Does the Minister recognise the complete contradiction between asserting complete sovereignty over Northern Ireland and failing to reassert sovereignty over who owns what land and property in the United Kingdom, as well as failing to prevent dirty money flowing in from authoritarian states? Why have the Government not yet found time to prioritise legislation that enables British citizens to know who owns what?

[Lord Callanan (Con)]

I think these are two completely separate issues that the noble Lord is confusing. As I said, it remains a priority for the Government. We have already published a draft Bill, we have carried out pre-legislative scrutiny on the matter and we will legislate as soon as parliamentary time allows.