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.

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