October 24, 2020

Cayman Islands no longer a UK Tax retreat


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DSC_0075From Stuff co.NZ

The Cayman Islands and the United Kingdom have signed a pact for the British territory to automatically share information on accounts held by UK taxpayers.

The territory is considered the world’s sixth largest financial center and a major haven for private equity.

Under the agreement signed on Tuesday, Cayman financial institutions will report details on accounts substantially owned by people with UK tax-reporting obligations.

The islands’ government will forward the information to the UK.

Cayman Premier Alden McLaughlin says the pact shows the islands’ support for a single global standard for financial information exchange.

Earlier this year, the Cayman Islands said it had reached a similar agreement with the US to comply with a sweeping law designed to combat tax evasion.

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EDITOR: the above story is typical of the press reports that have circled the world wide websites immediately following the announcement.

See our much more extensive report concerning the tax agreement signing posted on iNews Cayman November 5 2013 “Britain signs tax agreement with Cayman Islands” at: https://www.ieyenews.com/wordpress/britain-signs-tax-agreement-with-cayman-islands/

Since we published the above we have received photographs from Government Information Service of the actual signing of the tax agreement with the United Kingdom by Hon. Alden McLaughlin and Mark Simmonds, Minister for Overseas Territories. Also in some of the photographs are HE Governor Ms Helen Kilpatrick and members of the Cayman Island government.





















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