Periodic reports on exercise of power to make regulations under section 1

Part of Sanctions and Anti-Money Laundering Bill [Lords] – in the House of Commons at 3:00 pm on 1 May 2018.

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Photo of Alison Thewliss Alison Thewliss Shadow SNP Spokesperson (Cities), Shadow SNP Spokesperson (Treasury) 3:00, 1 May 2018

I am just about to finish. [Interruption.] Let me finish this point, and I will then give way.

Landownership is hidden behind such entities. Just a few weeks ago, The Sunday Post highlighted the very important point that Scottish property is held in 22 different tax havens by 776 companies. Just last year, overseas firms bought £200 million of Scottish land and buildings, ranging in size from council estates to country estates, and the total value of such property is estimated to be £2.9 billion. This costs taxpayers in Scotland and here in the form of the capital gains tax revenue that is missed because the property has gone somewhere else. It has left the country, and there is no transparency. If the hon. Gentleman really wants to justify it, I will happily take an intervention from him.