Leaked paperwork present that tens of millions of kilos from Queen Elizabeth’s personal property was invested in offshore tax havens.
The Duchy of Lancaster, which offers the Queen with an revenue, invested round £10m in the Cayman Islands and Bermuda-based funds
In keeping with an enormous new leak of economic paperwork which was revealed on Sunday, the Queen additionally invested in Brighthouse, an organization liable for preying on Britain’s poorest folks.
RT reviews: Particulars of the investments had been leaked as a part of the Paradise Papers on Sunday, a trove of greater than 13 million paperwork from the world’s main offshore regulation corporations launched via the Worldwide Consortium for Investigative Journalists (ICIJ), of which the BBC is part.
Greater than 120,000 folks and firms have been recognized throughout the leak, together with Queen Elizabeth II.
A spokesperson for the Duchy of Lancaster instructed the BBC: “We function various investments and some of those are with abroad funds. All of our investments are absolutely audited and bonafide. The Queen voluntarily pays tax on any revenue she receives from the Duchy.”
In keeping with the leaked paperwork, the Duchy of Lancaster invested $7.5 million of the Queen’s personal revenue and monetary portfolio in Dover Avenue VI Cayman Fund LP in 2005.
Recordsdata from offshore regulation agency Appleby reveal that the fund made investments in pharmaceutical and high-tech firms, together with an organization that developed fingerprint know-how for cell phones.
The Queen’s property obtained about $360,000 from its funding.
The papers additionally revealed that the Dover Avenue fund purchased a small curiosity in one thing known as ‘Venture Bertie,’ which concerned the takeover of rent-to-buy firm BrightHouse, an organization slammed by client watchdogs for promoting home items on fee plans with annual rates of interest as excessive as 99.99 p.c.
Dover Avenue VI Cayman Fund LP additionally bought a 75 p.c stake in First Quench Retailing Ltd, which included the off-licence chain Threshers that went into administration in 2009.
Chris Adcock, chief finance officer for the Duchy, instructed the Guardian it had been unaware of the oblique holding in BrightHouse.
“Traders decide to a fund for a given interval and should not get together to its ongoing funding selections,” he stated.
“We aren’t conscious of any tax benefits to the Duchy in investing in offshore funds.
“The Duchy’s funding coverage is predicated on recommendation and proposals from our funding consultants and asset allocation, relatively than tax technique.”
Royal officers instructed the Day by day Mail that the Queen had no direct involvement, and so they had been “not conscious of any tax benefits.”
Labour chief Jeremy Corbyn stated the data revealed by the Paradise Papers proves that “there’s one rule for the super-rich and one other for the remainder with regards to paying tax.”