Queen's private estate 'invested millions of pounds in offshore tax havens'

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

The 13.4 million Paradise Papers files released yesterday evening have shined a light on many, including the "rich and powerful", who have opted to protect their wealth by using offshore accounts.

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".

Together, The Queen is dodging almost $15 million in taxes on her $680 million duchy-and British politicians are livid.

Britain's main opposition party called for a public inquiry on Monday after the Paradise Papers identified Queen Elizabeth II and a donor to the ruling Conservatives as users of controversial offshore tax avoidance services.

McClure suggested that a "simple" way to prevent overseas investment is to reimpose the old rules and ban overseas investment.

Around £10 million of the Queen's private funds have been invested in overseas accounts in Bermuda and the Cayman Islands, the "Paradise Papers" have revealed.

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The papers also list that the Canadian Prime Minister Justin Trudeau's top fundraiser and senior advisor Stephen Bronfman, heir to the Seagram fortune, moved almost $60 million to offshore tax havens with ex-senator Leo Kolber. U.S. Commerce Secretary Wilbur Ross was snared by the papers for doing business with a close relative of Russian President Vladimir Putin.

The Duchy said it was not involved in decisions made by funds and there is no suggestion the Queen had any knowledge of the specific investments made on her behalf. All of our investments are fully audited and legitimate.

The documents showed that the queen has roughly 3600 euros (just over 3200 pounds) invested in BrightHouse, a household goods and electronics retailer that has been accused of exploiting customers by charging high-interest rates.

"The investment has largely been realised, at an attractive return, and the NZ Super Fund's residual interest in CIP V (Coller International Partners V) was therefore held at zero value in its 2017 financial statements".

While the Queen pays tax on any income she receives from the Duchy of Lancaster, any funds the Duchy owns that are listed in tax free havens may be able escape paying tax, thereby boosting their income.

"The Queen is, after all, the head of state of the British Virgin Islands, the Cayman Islands, the Channel Islands, Bermuda, and others, which makes her the Queen of Tax Havens".