From Anthony Travers, chairman, Cayman Islands Stock Exchange
Sir, Further to your report “Queen’s estate sinks millions offshore, say leaked papers” (November 6): unfortunately, the debate about offshore financial centres has been entirely mischaracterised and misrepresented by a very small group of extreme leftwing campaigners. Offshore begins at the White Cliffs of Dover. If what is being suggested by the BBC and Guardian is that it is improper to make investments outside the UK, then there would need to be very significant change to the UK legislation. As it stands, UK residents including Her Majesty the Queen are entitled to invest in any offshore jurisdiction in the world and UK tax law provides for taxation in relation to those investments. The Overseas Territories and the Crown Dependencies now lead the world in transparency for financial centres onshore and offshore.
Anthony Travers Chairman, Cayman Islands Stock Exchange