Dependent Territories (Hansard, 3 March 1994)

§ Mr. Bayley
To ask the Secretary of State for Foreign and Commonwealth Affairs what is the current rate of(a) income tax, (b) capital gains tax and (c) corporation tax in each British dependent territory.

§ Mr. Lennox-Boyd
I shall write to the hon. Gentleman shortly with the information requested.

§ Mr. Bayley
To ask the Secretary of State for Foreign and Commonwealth Affairs what was(a) the total revenue received from off-shore financial activities and (b) the total expenditure on regulating such activities by the locally elected administration of each British dependent territory in the Caribbean in the most recent year for which figures are available.

§ Mr. Lennox-Boyd
The information is as follows:

Caribbean Dependent Territories: Offshore Finance Financial year 1992–93

Total Revenue (£) Total cost of regulation (£)

Anguilla¹ 155,750 77,500

British Virgin Islands¹ 12.66 million 733,333

Cayman Islands 19.52 million 1.16 million

Montserrat 159,000 33,000

Turks and Caicos Islands 1.54 million 200,000

¹ Estimate.

Caribbean Dependent Territories: Offshore Finance Financial year 1992–93
	Total Revenue (£)	Total cost of regulation (£)
Anguilla¹	155,750	77,500
British Virgin Islands¹	12.66 million	733,333
Cayman Islands	19.52 million	1.16 million
Montserrat	159,000	33,000
Turks and Caicos Islands	1.54 million	200,000
¹ Estimate.