Row over £10million of Queen’s fortune invested offshore
THE Queen was last night dragged into a political storm after it emerged that her private estate has invested millions in offshore tax havens.
A massive leak of sensitive financial documents revealed that the monarch, through the Duchy of Lancaster, had about £10million of private money invested offshore.
Reports showed the funds were held in the Cayman Islands and Bermuda by the duchy which provides the Queen with an annual income.
The duchy invested in medical and technology companies and two British high-street retailers, including the controversial rent-to-buy chain BrightHouse, which has been accused of irresponsible lending.
There was also an investment in Threshers off licences, which went bust owing £17million in tax and leaving thousands without a job.
While there is nothing to suggest any investments are illegal, questions were last night being asked about whether the Queen should be investing offshore.
Royal finance expert David McClure said: “We expect higher standards of the Queen than investing in tax havens overseas. If the money has been invested in a haven I would have thought it will be extremely embarrassing for the Queen and the Royal Family.” The revelations emerged from the socalled Paradise Papers, a leak of 13.4 million documents, mostly from Bermuda-based legal services provider Appleby.
US President Donald Trump’s commerce secretary, Wilbur Ross, is allegedly shown to have cash in a company which deals with Russian leader Vladimir Putin’s son-in-law.
The Duchy of Lancaster said last night: “We operate a number of investments and a few of these are with overseas funds. All of our investments are fully audited and legitimate. The duchy’s investment in BrightHouse is through a third party and equates to £3,208 – just 0.0006 per cent of the duchy’s value. The Queen voluntarily pays tax on any income she receives from the duchy.”
There is no suggestion the Queen had any knowledge of the investments made by the duchy which is a separate entity from the royal household.
Labour MP Margaret Hodge, the former chair of the Commons Public Accounts Committee, said she was “pretty furious” with the Queen’s investment advisers, saying they were bringing her reputation into disrepute.
Labour leader Jeremy Corbyn said the leaks prove that “there’s one rule for the super-rich and another for the rest when it comes to paying tax”.