Economy

Paradise Papers: Queen Elizabeth's private estate invested in offshore funds

Paradise Papers: Queen Elizabeth's private estate invested in offshore funds”

Newly leaked papers revealed Sunday that Britain's Queen Elizabeth II has invested some of her private money in offshore tax havens.

The fund invested in and profited from a company that developed fingerprint technologies for mobile phones and made investments in other high-tech and pharmaceutical companies.

In June 2008, the queen's estate received about $360,000 from its investment.

This includes the controversial rent-to-own retailer, BrightHouse, which sells electrical goods and furniture to mainly lower-income people.

From at least 2004 to 2010, the duchy also invested in the Bermuda-based Jubilee Absolute Return Fund.

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

"The Queen voluntarily pays tax on any income she receives from the Duchy".

The Duchy of Lancaster, which provides the Queen with an income, held funds in the Cayman Islands and Bermuda.

The Guardian, in turn, quoted Chris Adcock, the Duchy of Lancaster's chief finance officer, as saying that "we are not aware of any tax advantages to the duchy in investing in offshore funds".

"The Dover Street investment was bought in 2005 and forms only 0.3% of the total value of the Duchy".

Graham Smith, from the anti-Monarchy group, Republic said: "The Queen is responsible for her investments, she should have instructed her advisers to ensure her money was invested ethically".

"The Duchy's investment in BrightHouse is through a third party and equates to £3,208 - just 0.0006% of the Duchy's value".

Earlier, the BBC reported that the ICIJ leak, dubbed the Paradise Papers, "contains 13.4m documents, mostly from one leading firm in offshore finance".

To understand why the Queen has become involved in the "Paradise Papers" story- you need to understand the Duchy of Lancaster which pays the Queen millions of pounds each year.

"This includes more than £2.8 billion from those trying to hide money overseas to avoid paying what they owe", he said in a statement.

Labour Party leader Jeremy Corbyn said the widespread use of offshore havens by wealthy individuals in dozens of countries proves "there's one rule for the super-rich and another for the rest when it comes to paying tax".



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