UK makes Cayman top priority in tax treaty talks
Dawn Primarolo
Monday, May 24, 2004
A letter to the Leader of Government Business, the Hon McKeeva Bush, from the
United Kingdom Paymaster General, Dawn Primarolo, indicated progress between the
two sides in reaching an agreement in their tax treaty negotiations.
In the letter dated 20 May, Ms Primarolo suggested that negotiations are now
a top priority for the UK. “The UK has moved the Cayman Islands to the front of
the queue of countries and territories wishing to have treaty talks,” she wrote.
“I remain optimistic that it will be possible to conclude an arrangement that
will be acceptable to both sides. The UK Government remains fully committed to
fulfilling the undertaking made to the Cayman Islands Government.”
The British Government has given various undertakings to the Cayman Islands
to safeguard the Islands’ economic interests. These measures offset the limited
burden of implementing the EU Savings Tax Directive.
Mr Bush welcomed the progress being made in negotiations with the UK on a
comprehensive tax treaty, as well as other issues. “The Government is making
real progress,” he said. “We are ensuring the commitments made by the British
Government are translated into real and tangible benefits. The people of the
Cayman Islands should be in no doubt that we have their interests at heart. The
Government is working assiduously to guarantee the Islands’ financial services
sector remains world leading.”
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