Brits Still Want Direct Caymans Taxes

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.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.