Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Innovation and Skills, with reference to the press release, PM holds major summit as part of global drive to expose, punish and drive out corruption, published on 12 May 2016, what the timetable is for the (a) formulation and (b) implementation of the Government's plans to require foreign companies that own property in the UK to declare their real owners.

At the International Anti-Corruption Summit in London on 12 May, my Rt hon Friend the Prime Minister announced that we will require foreign companies that own or purchase UK properties or bid on UK Government procurement contracts to provide details of their beneficial owners to a public central register. This will be the first register of its kind in the world.

The Department for Business, Innovation and Skills will consult with experts to develop the policy throughout the year and consult formally on the detail of the policy in due course. Implementation of the new register requirements is expected to require both primary and secondary legislation, which we intend to introduce when Parliamentary time allows.