Montserratians in the United Kingdom including its capital city, Plymouth. The volcano later continued to erupt over the following years, and ultimately two thirds of Montserrat's population left the island. The UK immediately offered assistance, and began to welcome large numbers of refugees from the island. The people of Montserrat were granted full residency rights in the UK in 1998, and citizenship was granted four years later. According to the 2001 UK Census 7,983 Montserratian-born people were residing in the UK (almost twice the population of Montserrat itself). According to the 2011 UK Census, there were 7,250 Montserratian-born residents in England, 20 in Wales, and
Long-Term Capital Management invested in other derivatives such as equity options. Under prevailing US tax laws, there was a different treatment of long-term capital gains, which were taxed at 20.0 percent, and income, which was taxed at 39.6 percent. The earnings for partners in a hedge fund was taxed at the higher rate applying to income, and LTCM applied its financial engineering expertise to legally transform income into capital gains. It did so by engaging in a transaction with UBS (Union Bank of Switzerland) that would defer foreign interest income for seven years, thereby being able to earn the more favourable capital gains