BIS transparency bill criticised for impact on Caymans

Lawyer says bill will not cut tax avoidance, only harm investment

taxman

A Cayman Islands lawyer says the UK government's bill requiring disclosure of the beneficial owners of unlisted companies will do little to reduce tax avoidance and only end up hurting investment in the jurisdiction.

Hughie Wong, partner for Walkers, says the biggest problem with the Small Business, Enterprise and Employment Bill, currently making its way through the House of Commons, is that it may prove to be a unilateral move.

"This regime [outlined in the bill] only works if everyone uses it