The Times reports that the Cayman Islands have snubbed David Cameron’s proposal that the tax haven sign up to a public register revealing the owners of shell companies. The announcement follows Bermuda’s rejection of the plans. Margaret Hodge, chair of the PAC, said: “This is hugely disappointing. It makes it ever more important for the UK to play a leading role in securing international co-operation to rewrite the international tax rules forcing the Cayman Islands to the table. The government should refuse to give a contract to any company that uses the Cayman Islands to avoid tax.”
Source: The Times
The Cayman Islands have not been entirely uncooperative. In 2013, as we reported at the time, they did enter into the UK’s first ever tax information sharing agreement with an overseas territory.
Should you ever visit the Cayman Islands not for shell companies but for the company of shells, be aware that you can take shells home with you as long as they are empty and are not being plucked directly from the waters. Do let us know if you have any Cayman conches or other shells. We listened to a shell the other day and thought we could hear the sea, but it turns out it was only Margaret Hodge muttering. We tried to improve reception but must have accidentally hacked another shell because we caught a Lord-of-the-Flies-type contretemps in which David Cameron demanded that Ed Miliband give the Green Party the conch. But that’s another story.