G8 must get register before island complies

GUERNSEY could create a central register of beneficial owners of companies as part of the international fight against tax evasion.

The island yesterday published an action plan on beneficial ownership as part of its commitment to a pilot tax exchange scheme.

The UK has already pledged to create a register and could make it available to the public – something Guernsey has not said it would be willing to do.

The news came as leaders of the G8's major economies agreed to new measures to clamp down on tax evasion and avoidance in a move led by UK Prime Minister David Cameron.

Guernsey, however, will hold off creating a central register until G8 members, Crown Dependencies and overseas territories have implemented their own.