Queen Elizabeth Stashed Millions in Offshore Tax Havens: Paradise Papers

Queen Elizabeth Stashed Millions in Offshore Tax Havens: Paradise Papers

The comments came after the treasure trove of Paradise Papers laid bare the hidden wealth of financial giants including the Queen and several worldwide political players.

The documents about Elizabeth's financial holdings are part of a tranche of some 13.4 million records of offshore accounts dubbed the "Paradise Papera", leaked to German newspaper Süddeutsche Zeitung and shared with the International Consortium of Journalists and a network of more than 380 journalists in 67 countries.

Without addressing the monarch directly, Corbyn said, "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".

Around £10 million of the Queen's private cash is said to have been tied up in offshore portfolios, the BBC reports.

While there is no suggestion of any wrongdoing, it is the first time that the Queen's offshore investments have been revealed.

Suddeutsche Zeitung also alleged that Dover Street further invested in a subsidiary company called Vision Capital Partners VI B LP to buy into two United Kingdom retail chains, one of which was BrightHouse.

It is alleged that the Duchy of Lancaster, which handles the Queen's investments, has held funds in the Cayman Islands and Bermuda.

Such revelations are just the start as more figures being set to be named during the coming week as more documents are released.

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It, however, admitted it had no idea about its 12-year investment in the controversial BrightHouse chain from one of the funds until approached by the "Guardian" newspaper and other partners in the worldwide project called Paradise Papers.

Documents reveal that a percentage of the queen's tax-sheltered money was invested in a rent-to-own company that supplied household goods like TVs and washing machines to poor consumers at very high interest rates.

Hundreds of individuals and companies reportedly have their overseas tax affairs laid bare in the papers.

A spokesman for the Duchy of Lancaster said: "We operate a number of investments and a few of these are with overseas funds".

Graham Smith, the CEO of Republic, said: "The Queen's personal wealth and investments mean she has a direct interest in government decisions about tax. All of our investments are fully audited and legitimate", it said.

The Queen voluntarily pays income tax on revenue she receives. "The duchy has only invested in highly regarded private-equity funds following a strong recommendation from our investment consultants".

He made the comment after he was specifically asked whether he wanted the Queen to apologise over her offshore investments.

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