Sunday, 1 February 2015
Last updated 2 days ago
Apr 1 2010 | 8:37am ET
Despite a report rejecting direct taxes for the Cayman Islands, the British government still wants the hedge fund haven to impose them.
Britain’s Foreign and Commonwealth Office, which last year approved the country’s request to exceed its debt limits, wrote to Prime Minister McKeeva Bush urging him to consider some direct taxation, regardless of what the report said. The report was the work of the Miller Commission, helmed by former U.S. Federal Trade Commission Chairman James Miller and established at the behest of the U.K. in exchange for increasing the debt limit.
But Bush, who exulted in the results of the report, is unlikely to be swayed.
“Our position is, and will continue to be, that we do not believe that direct taxes are good for this country,” the prime minister said after the Miller report was released.
The Miller Commission concluded that the imposition of direct taxes could imperil the Caymans’ all-important financial services committee. The islands are the domicile of some 80% of the world’s hedge funds.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…