Beneficial Ownership Registers: Overseas Territories and Crown Dependencies

Debate between Margaret Hodge and Peter Bottomley

Thursday 7th December 2023 Commons Chamber

[Dame Margaret Hodge]

I am grateful to my hon. Friend for bringing that to our attention. Sadly, it is an issue not just of enforcement but of definition. I bet that the landlord in her constituency owns the properties through a trust, and there is no openness about beneficial ownership of trusts. She makes a very important point.

[Sir Peter Bottomley (Worthing West) (Con)]

I apologise for not being able to stay for the whole debate.

I strongly support this debate. I put it to the right hon. Lady that the reason why people hide things in trusts and offshore is either to avoid embarrassment or to avoid tax. People ought to do better, so that they will not be embarrassed, and they ought to pay tax properly.

[Dame Margaret Hodge]

I thank the hon. Member for his support. I agree that it is partly about reputation and partly about avoiding tax, but it is also about indulging in economic crime, from money laundering through to the worst crimes that stain our country and our economy.