The Cayman Islands is one of several countries and territories with which the United Kingdom expects to advance bilateral tax treaty negotiations in the coming year, according to Paymaster General Dawn Primarolo.
In the year to March 2006, the UK Treasury Department expects to have completed work on new treaties with Botswana, the Cayman Islands, Iran, Japan and Poland. The government also expects to have advanced tax treaty negotiations with China, Germany, Hungary, Hong Kong, Italy, Luxembourg, Netherlands, Saudi Arabia, Switzerland and Thailand. In addition, the Treasury expects to progress negotiations with the Crown Dependencies and Overseas Territories on Tax Information Exchange Agreements (TIEAs).
"Bilateral double taxation agreements help business and investors to meet the challenges of globalisation by providing them with a measure of certainty and stability in their tax affairs," Ms Primarolo stated.
"Our work this year will serve to modernise and strengthen this important network of agreements," she added.
According to the government, the UK's DTA priorities are reviewed annually to ensure that the treaty network continues to meet the needs of the businesses and individuals receiving income from abroad. HM Revenue & Customs (HMRC) monitors the DTA networks of other countries and invites representations from business, individuals, representative bodies, other Government departments and others with an interest in this area. HMRC uses the results, balanced with an estimate of the resources available, to produce a schedule of work for the year ahead.
Recently, double tax agreements between the UK, Chile, Georgia and New Zealand have entered into force, while an agreement on an updated tax treaty with Japan has been reached in principle.
The UK is also exploring plans for new or updated tax agreements with the Faroe Islands, Macedonia and Mexico.
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