Minister denies 'tax haven' claim

Chief Minister Lyndon Trott says Guernsey has "nothing to hide"

Guernsey's top politician has again defended the island against allegations it is an offshore tax haven.

Chief Minister Lyndon Trott said the Bailiwick of Guernsey was actually a low-tax jurisdiction.

Crackdowns on tax havens by the US, UK and European governments would not have any impact in the island, he said.

Prime Minister Gordon Brown has suggested tax havens should be regulated as part of global plans to tackle the banking crisis.

Earlier this month, the Trades Union Congress said the UK was losing at £4bn a year through residents holding money in offshore tax havens.

It claimed research showed Jersey, Guernsey and the Isle of Man were among popular spots for the wealthy to hold savings.

But Mr Trott said Guernsey had nothing to hide and could prove itself as a transparent well-regulated jurisdiction.