Paradise Papers leak: Queen named in figures allegedly linked to offshore investments in Cayman Islands and Bermuda

Paradise Papers leak: Queen named in figures allegedly linked to offshore investments in Cayman Islands and Bermuda

The leak has been dubbed the Paradise Papers

Monday, November 6, 2017

The Queen is facing accusations of storing her fortune in an offshore tax haven after a leak of documents revealed the financial affairs of numerous members of the global elite.

The leak of 13.4 million records – dubbed the Paradise Papers – is reported to link major companies and high-profile political figures to overseas arrangements.

Reports say around £10 million from the Queen’s private funds – specifically the Duchy of Lancaster - were paid into locations in Bermuda and the Cayman Islands around 2004 and 2005.

In addition to the British monarch, other names to come from the papers are former Conservative treasurer Lord Ashcroft and the commerce secretary for the Trump administration, Wilbur Ross.

The Queen pays tax on money received from this fund.

A spokesman for the Duchy admitted to operating investment with some overseas funds, but said they were fully “audited and legitimate.

The release of the Paradise Papers mirrors that of the 2016 Panama Papers leak, and have already begun to have a political impact.

Labour Leader Jeremy Corbyn said the data showed there was “one rule” for those who are super-rich and another for the rest about paying tax.