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Britain and Colonies Discuss Tax Future

Tax-news.com

24 October 1999


The future of British overseas territories as tax havens was high on the agenda of the inaugural meeting of the Overseas Territories Consultative Council in London this week. Other key issues discussed included constitutional changes and the abolition of the Privy Council as the final court of appeal for overseas territories.

Government Leaders from British overseas territories such as Bermuda, the Channel Isles, the Cayman Islands and Gibraltar met with Foreign Office officials to discuss ways to give overseas territories more control over their own affairs.

The closed meeting discussed the future of the territories' status as tax havens amidst calls by organisations such as the EU and OECD for a crackdown on the growth of the offshore section. Territories such as Bermuda, the Caymans and the Channel Isles are expected to defend the status quo which provides them with a significant part of their revenue, and attempt to refocus the discussions on the regulation of international financial services in general rather than offshore financial services in particular.

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