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The Queen's Offshore Investments Spark Controversy in Britain

08 Novembre 2017

The Paradise Papers mostly comprise documents from a law firm in Bermuda, whose premier, David Burt, tossed the ball in London's court, saying the British Overseas Territory had a "robust regulatory regime".

The queen pays taxes on the income generated by her holdings in the Duchy of Lancaster.

Paradise papers have been revealed by ICIJ, which took help of around 380 journalists around the world to expose the data.

Files show Queen Elizabeth II, via the Duchy of Lancaster (a portfolio of land, property and assets held in trust for the British Sovereign), has held and continues to hold investments via funds in an array of businesses, including controversial retailer BrightHouse.

First obtained by the German newspaper Suddeutsche Zeitung, the documents stem from two offshore service providers and company registries from 19 tax havens, the Guardian reports.

The documents show that the Duchy of Lancaster, which manages investments for the Queen's £520m private estate, invested around £10m in the Cayman Islands and Bermuda-based funds.

Last week the Financial Conduct Authority said BrightHouse had not been a "responsible lender" and ordered the firm to pay £14.8 million back to almost 250,000 customers.

SARS Tax Administration and Governance inquiry to be launched soon
Gigaba says the inquiry is expected to be constructive and to strengthen the institution further where possible. Follow Fin24 on Twitter , Facebook , Google+ and Pinterest .

Mr Corbyn said: "There should be a review".

The ICIJ reportsed the "trove of 13.4 million records exposes ties between Russian Federation and U.S. President Donald Trump's billionaire commerce secretary, the secret dealings of the chief fundraiser for Canadian Prime Minister Justin Trudeau and the offshore interests of the Queen of England and more than 120 politicians around the world". Its investment strategy is decided by a council, and the queen pays tax voluntarily on any income.

BBC Royal correspondent Nicholas Witchell said that the issue of the investments was "not a question of tax avoidance, but of judgement on behalf of her advisors".

But Theresa May has refused to commit to a formal probe or to introducing a public register of who owns offshore companies and trusts in British tax havens, saying only that people should "pay the tax that is due".

United Kingdom correspondent, Rod Liddle, said people realise the Queen's investments are hands-off, and she probably has no idea where the money is.

The leak, which has seen millions of documents released, has revealed how the powerful and wealthy have secretly invested vast sums in offshore tax havens. According to the latest revelations, Donald J Trump, Queen Elizabeth, Vladimir Putin and Justin Trudeau's name is on the list.

Sunday's edition of Panorama reported that former Conservative Party chairman Lord Ashcroft remained a non-dom, and continued to avoid tax despite attempts to make peers pay their full share.

The Queen's Offshore Investments Spark Controversy in Britain