UK Treasury minister Stephen Timms, signing a tax agreement with Cayman Islands government minister W McKeeva Bush, in June The Cayman islands has been attacked for being a centre of tax evasion, but the head of its financial industry argues that it has been unfairly targeted. In recent months the Cayman Islands has been labelled by some as a tax haven - but is that fair? This description might suggest it is used for unlawful tax evasion, a charge the authorities there strenuously deny. The Caymans is a British overseas territory in the Caribbean, three tiny islands about 500 miles south of Miami. It has a tax rate of zero for corporation tax, income tax and capital gains tax, which draws some of the world's biggest banks and hedge funds to its shores. Evasion claims The Caymans are on a so-called 'grey list' of countries... [read full story]
