“So there is no tax edge to investing in the Cayman Islands.”
Kirsty Wark responded, forcefully: “Then why on Earth would you do it then? Because the fact is lots of people do it because they don’t have to pay tax and they can also have a great degree of secrecy.”
To which, Mr Travers said: “No, you do not have secrecy whatsoever, you haven’t listened to what the Premier of Bermuda said.
“There is secrecy insofar as journalists are concerned, but there is no secrecy insofar as tax authorities, or law enforcement are concerned.
“They can ascertain the precise position in regard to any company in any overseas territory – Bermuda and Cayman included.
Kirsty Wark then asked about the “moral” element of paying tax.
Mr Travers concluded: “If you are saying, Kirsty, that tax should be paid on the basis of the morals as they are understood in the Houses of Parliament at