Huge leak of documents reveals Queen s offshore investments

Huge leak of documents reveals Queen s offshore investments

Huge leak of documents reveals Queen s offshore investments

Asked if the Queen should apologise for the offshore investments, Labour's Jeremy Corbyn told the CBI's annual conference in London: "Well anyone that is putting money into tax havens in order to avoid taxation in Britain, and obviously investigations have to take place, should do two things - not just apologise for it but also recognise what it does to our society".

They've all been named in the Paradise Papers, a massive trove of documents detailing how some of the world wealthiest and most powerful people use offshore tax havens to reduce their taxes or hide ownership of assets.

The Paradise Papers are a huge cache of 13.4 million records, dating from 1950 to 2016, obtained by the German newspaper Sueddeutsche Zeitung and shared with the Washington-based International Consortium of Investigative Journalists.

Prime Minister Theresa May, however, said individuals and businesses should 'pay the tax that is due.' The Queen's money was also invested in Bright House, a hire-purchase retail company accused of exploiting poorer households.

Just last week, it emerged BrightHouse had agreed to reimburse customers to the value of almost £15m after agreeing a compensation package with the Financial Conduct Authority, following a two-year investigation.

Elsewhere, the Duchy has investments in a number of overseas funds, including one in Ireland. All of our investments are fully audited and legitimate.

In the most recent fiscal year, the Duchy generated £19.2 million ($25 million) in net income according to its website.

The Duchy said in a statement that the investment in BrightHouse was made "through a third party", and equates to just 0.0006% of the Duchy's value.

Instead, she's like "so many others who have a pension, or an investment account", he said.

The Queen was likely unaware her money had been invested offshore; as David McClure, author of Royal Legacy: How the Royal Family Have Made, Spent and Passed on Their Wealth, noted in The Guardian, "the Queen is permitted by convention only an arm's-length role in the management of the duchy".

The Queen voluntarily pays tax on any income she receives from the Duchy, and her spokesman said she had not deliberately invested in BrightHouse.

"The Duchy has only invested in highly regarded private equity funds following a strong recommendation from our investment consultants", he said.

The documents show the Duchy also invested five million pounds ($8.6 million Cdn in today's dollars) in the Jubilee Absolute Return Fund limited, a hedge fund based in Bermuda, and later moved to Guernsey.

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