QUEEN’S LINK TO ‘IFFY’ DEALS
‘Millions in tax havens’
MILLIONS from the Queen’s private cash fund have been invested in offshore tax havens.
Leaked files show the Duchy of Lancaster is said to hold investments in funds that include collapsed off-licence chain Threshers and controversial retailer BrightHouse.
Threshers went bust in 2009 owing £17.5million in UK tax while electrical goods and furniture company BrightHouse has been accused of exploiting poor families who pay for their goods via weekly instalments. ® A parliamentary report in 2015 said BrightHouse was charging interest rates of up to 94%.
BrightHouse was also criticised for using hard-sell tactics on people with mental health problems and learning disabilities.
Details of offshore dealings come from a leak of 13.4m files.
Last night the Duchy confirmed investments in “a few overseas funds”.
But the Duchy said it was not aware there were tax advantages from investing in offshore funds, adding that tax strategy was not a part of the estate’s investment policy. The Duchy also said it had no idea that managers in control of its original investment had placed it in BrightHouse.
It said it first found out about it when told by reporters from the international project called the Paradise Papers.
There is no suggestion the Queen was personally aware of any attempt to avoid tax or that she knew where money managed by fund bosses ended up.
A spokesperson for the Duchy said: “All of our investments are fully audited and legitimate.
“The Queen voluntarily pays tax on any income she receives from the Duchy.”
BrightHouse maintains it is a responsible lender.
It said it complies with all relevant tax.