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UK To Enhance Relationship With Overseas Territories

by Jason Gorringe, Tax-News.com, London

28 November 2011


At the annual meeting of the Overseas Territories Consultative Council (OTCC), the United Kingdom's Foreign and Commonwealth Office highlighted progress made in strengthening its relationship with its Overseas Territories.

According to the FCO, discussions at the OTCC focused on the forthcoming White Paper on enhancing the UK's relationship with Overseas Territories, and on issues such as stimulating economic growth; strengthening the Overseas Territories' highly-successful international financial centres; and taxation policy. Sessions also covered good governance, financial management and economic planning, the FCO said.

Highlighting 2011 as a "landmark year for Overseas Territories", the FCO noted its positive involvement in the Turks and Caicos Islands, after the UK government intervened on allegations of systemic corruption by the government's leadership. The FCO reported progress against all the milestones required to return the islands to an elected government, including bringing the islands' finances onto a sustainable footing.

In addition, the UK government has agreed new constitutions for Montserrat and the Turks and Caicos Islands, which include modern human rights provisions.

TAGS: tax | business | Montserrat | international financial centres (IFC) | Bermuda | Cayman Islands | Turks and Caicos Islands | United Kingdom | Virgin Islands | offshore | British Virgin Islands

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