TaxCorporate TaxTax haven report highlights ‘mutual dependencies’

Tax haven report highlights 'mutual dependencies'

Michael Foot publishes progress report on independent review of British offshore financial centres

An interim report summarising the long-term viability of British Crown
Dependencies has revealed the inter-dependence between the UK and offshore
financial centres.

Michael Foot, who is conducting the independently commissioned review,
released the findings to the Treasury yesterday.

Issues raised in the report include future financial supervision and
transparency, taxation, financial crisis management and resolution arrangements,
and international cooperation.

Foot said there are significant differences in the size of the financial
centres covered in the review, the nature of business being conducted and the
reasons why the centres have developed in a certain way.

‘Many of the themes revolve around the inter-dependence between the UK and he
financial centres which is manifest, for example, in teh substantial flows of
business from the UK to many of them and vice versa.

‘Defining and understanding the implications of these mutual dependencies and
any related contingent liabilities will be a key theme of the review,’ he said.

The next stage of the review will involve a wider consultation process, with
a comprehensive conclusion expected later in the year.

It is unclear whether Chancellor Alistair Darling will make any reference to
the report in today’s Budget announcement.

Further Reading:

Progress
report of British offshore financial centres

Regulation
can tackle havens, says review chief

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