I was not planning to intervene in this debate and I very much support the position taken by the noble Lord, Lord True, but how does the noble Lord cater for those cases where very expensive houses are held by offshore companies and it is not the transfer of the asset within the UK which causes ownership to change but the ownership of the shares of the offshore company? It seems to me that that cannot be readily catered for within the system. Fundamentally, also, how does the noble Lord address the very telling point, made by the noble Lord, Lord True, that we are going to end up with two schedules of valuation? Properties next to one another,
otherwise identical, will, under the noble Lord’s system, be paying completely different council tax. That cannot be sensible.