Overseas Territories: Tax Haven Status

Lord Collins of Highbury Excerpts

Monday 26th February 2024 Lords Chamber

[Baroness Vere of Norbiton (Con)]

I am grateful for my noble friend’s support for the Cayman Islands, but it is just one of the many different overseas territories. Not wishing to detract at all from his words, I would say that the Cayman Islands is doing well, but I think it can do better. For example, the beneficial ownership register that the Cayman Islands is planning to put in place will still have a legitimate interest access filter. We believe that that is an interim step, and we would like to see fully open registers of beneficial ownership as soon as that can be implemented.

[Lord Collins of Highbury (Lab)]

My Lords, I associate myself with the comments in relation to Lord Cormack. One thing he was incredibly powerful about was encouraging others, particularly on the parliamentary fellowship across this House. He was a great person who will be sadly missed.

Perhaps I might pick up the Minister in relation to the timescale for registers of beneficial ownership. We have had some progress, I am not denying that, but the British Virgin Islands and others have got timetables that talk about five years. What are the Government doing to support these overseas territories to implement these registers in a speedier and more thorough fashion? Support is needed as well.

[Baroness Vere of Norbiton (Con)]

I absolutely agree that we need to support the overseas territories. We have the skills, capacity and capability to do that, and that is what we do—but recognising that the relationship with each of them can be very different. They have elected Governments of their own. Those Governments are responsible for their domestic affairs. The noble Lord mentioned timeframes of five years. The British Virgin Islands, which I admit is probably towards the end of introducing the beneficial ownership registers, is looking at putting a framework in place no later than quarter 2 of 2025.