A key Conservatives donor is receiving large European Union subsidies for a Scottish estate owned through an offshore tax haven.

Controversial banker Henry Angest received £144,140 of taxpayers’ cash over 2015 and 2016 for his Ashmore and Strone estates in Perthshire.

Records obtained by the Sunday Mail reportedly show the farming land was transferred to a Jersey-registered firm called Rora Investments Ltd in the 1990s.

However, multimillionaire Angest, 77, is the owner of the estates which have benefitted from the vast EU handouts.

He received £57,614.71 in 2016 and £86,526.26 in 2015 through the Common Agricultural Policy (CAP), with similar amounts understood to have been received in other years.

A SNP spokesman said: "People will feel deeply uncomfortable reading these figures – a big-time landowner raking in subsidies while ploughing cash into Tory coffers.”

Angest, the chairman and chief executive of Arbuthnot Banking Group, has donated more than £400,000 to the Conservatives since the EU referendum.

In total, he has given about £7million to the Tories in cash and loans over the years through his firms, including support for the party in Scotland.

He received a knighthood “for political service” in 2015 despite his bank being behind Everyday Loans, a firm charging an average 74 per cent APR.

Rora are registered in St Helier, Jersey. Owning property through offshore firms is legal and there is no suggestion of any wrongdoing.

The Scottish Conservatives said the issue was a matter for Angest.

A spokesman for Angest declined to comment.