It's said I possess a bit of Scottish land (4)
I believe the answer is:
iona
'possess a bit of scottish land' is the definition.
I can't tell whether this definition defines the answer.
'it's said i' is the wordplay.
'it's said' becomes 'ion' (I can't justify this - if you can you should believe this answer much more).
'i' becomes 'a'.
'ion'+'a'='IONA'
Can you help me to learn more?
(Other definitions for iona that I've seen before include "St Columba monastery isle near Mull" , "Hebridean isle" , "Macbeth's resting" , "Christian settlement" , "'Hebridean island, early centre of Celtic Christianity (4)'" .)