The Cayman Islands Stock Exchange (CSX) is pleased to announce that the Board of the UK Inland Revenue has, as of 4th March, 2004, granted the CSX status as a 'recognised stock exchange' under Section 841 of the Income and Corporation Taxes Act 1988.
This recognition enables companies whose securities are listed on the CSX to take advantage of the 'quoted eurobond exemption'. As a result, interest paid on securities listed on the Cayman Islands Stock Exchange can now be paid without deduction of UK tax.
Similarly, securities listed on the CSX are now regarded as 'qualifying investments'. Most of the securities held directly in Personal Equity Plans (PEPs) and Individual Savings Accounts (ISAs) must be 'qualifying investments'.
Among the categories of securities a personal pension scheme can hold are securities listed or dealt in on a 'recognised stock exchange'. Accordingly, CSX listed securities can now form part of the investments held by such personal pension schemes.
Mr Anthony Travers, OBE, Chairman of the Cayman Islands Stock Exchange, commented on the recognition 'The Cayman Islands is already the leading offshore jurisdiction for structured finance issues. There is no doubt that this recognition, following on from recognition by the London Stock Exchange, will integrate the Cayman Islands further into the European financial architecture. The automatic exemption from UK withholding tax will place the CSX on the same footing now as the Dublin and Luxembourg stock exchanges.'
The CSX commenced operations in 1997 and has since enjoyed a remarkable success, with over 700 listed issues admitted to the CSX and a market capitalization of over US$46bn. Its streamlined listing process has made it the favourite of many practitioners worldwide.
For further details please contact us by email csx@csx.com.ky or fax on (345) 945 6061 for the attention of the Chief Executive Officer.
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