Queen’s millions in tax haven
The Queen’s private estate is among a large number of wealthy instituions and individuals with investments in offshore tax havens, according to a huge new leak of confidential financial papers.
The leak, dubbed the Paradise Papers, contains more than 13 million documents from offshore firms detailing the private financial arrangements of the rich and powerful, including President Trump’s commerce secretary.
The Queen’s private estate is alleged to have invested millions of pounds in offshore tax havens.
A vast tranche of leaked financial documents, dubbed the Paradise Papers, have been analysed by media organisations, including the BBC.
It is alleged the Duchy of Lancaster, which handles the Queen’s investments, has held funds in the Cayman Islands and Bermuda.
Around £10 million of the Queen’s private cash is said to have been tied up in offshore portfolios, according to reports.
There is nothing to suggest that any investments are illegal.
The Duchy of Lancaster provides the Queen with an income and handles investments for her £500m private estate.
Around 13.4 million files are said to have been involved in the leak, which comes one year after the disclosure of the Panama Papers that sent shockwaves through the world of business.
Two offshore service providers are said to be the source of the material, along with the company registries of 19 tax havens.
First obtained by the German newspaper Suddeutsche Zeitung, the documents have reportedly been analysed by almost 100 media organisations.
The International Consortium of Investigative Journalists oversaw the project, it is claimed.
Hundreds of individuals and companies reportedly have their overseas tax affairs laid bare in the papers.
US president Donald Trump’s commerce secretary, Wilbur Ross, is allegedly shown to have cash in a shipping company that deals with Russian leader Vladimir Putin’s son-in-law.
The Russian firm Navigator, in which the offshore investments are reportedly held, has a partnership with Sibur, a gas company co-owned by Kirill Shamalov, who is married to Mr Putin’s daughter.
The Paradise Papers allegedly reveal that several major global companies have been exploiting offshore schemes to avoid tax.
Labour leader Jeremy Corbyn said the disclosure “proves” that “there’s one rule for the super-rich and another for the rest when it comes to paying tax”.
Shadow chancellor John Mcdonnell added: “These are deeply worrying revelations. Despite all the government’s claims of cracking down on tax dodgers, this evidence confirms that tax avoidance is clearly continuing on an industrial scale.
“Either the Prime Minister or the Chancellor needs to explain how this scandalous behaviour has been allowed to go on unaddressed for so long and what action is to be taken now.”