Home » World

Tax probe: Queen Elizabeth II in trouble

09 November, 2017, 01:09 | Author: Priscilla Morrison
  • Paradise Papers 'Treasury fell down' in monitoring Queen's investments by Duchy of Lancaster says Margaret Hodge MP

The Labour leader said that those exposed by the Paradise Papers should "not just apologise for it, but also recognise what it does to our society".

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

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

The documents also revealed details about Queen Elizabeth II's investments in tax havens across the world.

The Duchy stated that it was not involved in the decisions made by the funds, and there is no evidence that the Queen also had any information about the individual investments made on its behalf.

"The use of collective investment funds domiciled in locations such as the Bermuda and the Cayman Islands is legal, common and widely considered best practice portfolio management".

Nearly 100 media groups are investigating the papers.

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 records show that as of 2007, the queen's personal estate invested in a Cayman Islands fund that in turn invested in a private equity company that controlled BrightHouse, a United Kingdom rent-to-own firm criticised by consumer watchdogs and members of Parliament for selling household goods to cash-strapped Britons on payment plans with interest rates as high as 99.9 percent.

US President Donald Trump's commerce secretary, Wilbur Ross, is allegedly shown to have cash in a shipping company which deals with Russian leader Vladimir Putin's son-in-law.

A small amount from the funds ended up in the company behind BrightHouse, a chain accused of irresponsible lending, and retail chain Threshers, which went bust owing 17.5 million pounds in United Kingdom tax. Appleby is a 119 years old company that is famous for administering offshore tax haven companies.

The spokesperson of the Duchy was quoted saying in the report, "The Duchy has only invested in highly regarded private equity funds following a strong recommendation from our investment consultants".

It said that all its investments were legitimate.

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

But it said it fully complied with global and New Zealand tax laws.

"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".

Recommended:

  • Supreme Court denies Samsung's appeal in Apple lawsuit

    Supreme Court denies Samsung's appeal in Apple lawsuit

    However, with the Supreme Court too, ruling against Samsung, the Korean smartphones giant has literally run out of options. But here's the amusing part: all the original phones involved in the battle have already been phased out of protection.
    Labour calls for probe into Priti Patel meetings in Israel

    Labour calls for probe into Priti Patel meetings in Israel

    However, ministers are by convention supposed to tell the Foreign Office when they are conducting official business overseas. Prime Minister Theresa May said she had spoken to Patel, who had been "reminded of her obligations" as a cabinet minister.
    Pulwama encounter: JeM chief Masood Azhar's nephew killed; soldier martyred

    Pulwama encounter: JeM chief Masood Azhar's nephew killed; soldier martyred

    The militants were identified as Divisional Commander Muhammad Bhai and Waseem, a resident of Pulwama's Drubgam. The search operation led to a gunbattle after the terrorists fired at the security forces, they said.
  • Danica Roem Has Become The First Openly Transgender Person Elected To Office

    Danica Roem Has Become The First Openly Transgender Person Elected To Office

    She says she was very specific about the issues her campaign was built on, and it resonated- in part, because of her background. On the campaign trail, Marshall and other Republicans repeatedly misidentified Roem's gender.
    Target reveals its top Black Friday deals, new hours for 2017 sale

    Target reveals its top Black Friday deals, new hours for 2017 sale

    The Mall of America and Burnsville Center have gone further and will not open at all on Thanksgiving for the second year in a row. In contrast, Target decided it would close between midnight and 6 a.m. on Black Friday and is opening at 6 p.m. on Thanksgiving.
    Koenigsegg Agera RS Is Now The World's Fastest Car

    Koenigsegg Agera RS Is Now The World's Fastest Car

    Towards the end of the second run, the Agera RS even surpasses 450 km/h - close to the speed of a small aircraft. It recently announced that the successor to the Venom GT, the 1600-bhp Venom F5 , could break the 300-mph limit.
  • Former President Obama Reports For Jury Duty

    Former President Obama Reports For Jury Duty

    Obama is in line to be paid the same $17.20 a day that others receive for reporting for jury duty. Obama is the highest-ranking former public official to be called to jury duty in Chicago .
    New Zealand's New Labor Government To Ban Foreigners From Buying Homes

    New Zealand's New Labor Government To Ban Foreigners From Buying Homes

    Mr Thomas also said the PNG government could not continue to bear the cost of watching over residents at the mothballed centre. Just as you can't choose your family, Turnbull has precious little say over who gets elected on the other side of the ditch.
    Iranians hold rallies to mark US Embassy takeover

    Iranians hold rallies to mark US Embassy takeover

    Ali Shamkhani, secretary of Iran's Supreme National Security Council, was critical of Trump at a rally Saturday. Al Jazeera's Zein Basravi reports from Tehran.
  • Niantic's next project is Harry Potter: Wizards Unite

    If you owned a smartphone in the summer of 2016, chances are you were sucked into Pokémon Go for some amount of time . An augmented reality game allowing the Wizarding World of Harry Potter to merge with our humble reality.
    Page: I Was On Papadopoulos Email About Linking Russia Up With Campaign

    Page: I Was On Papadopoulos Email About Linking Russia Up With Campaign

    But he downplayed the significance of the meetings, telling the Times he had "a very brief hello to a couple of people". Sessions made similar denials in two subsequent hearings before Congress on Russian Federation since taking office.
    Ex-Catalan leader Puigdemont turns himself in to Belgian police

    Ex-Catalan leader Puigdemont turns himself in to Belgian police

    Puigdemont has said he refuses to attend any hearings unless he can be guaranteed that the judicial process he faces will be fair. Spanish authorities have sought Puigdemont's arrest for his connection to the recent attempt of Catalan independence .


Popular

IPad 2018 could borrow the best features from the iPhone X
After years in steady decline, the iPad has bounced back to post year-on-year growth in the last couple of quarters. Apple allegedly still sees the iPad as the future of mainstream computing and continues investment in the series.

Former TV anchor says Kevin Spacey sexually assaulted her son
Mr Spacey and surrogates have not specifically addressed any other allegations since Mr Spacey responded to Mr Rapp's accusation. She said the violation continued with Spacey insisting that her son join him at a private party. "Right now, my son is anxious ".

Xenoblade Chronicles 2 has $30 season pass
Xenoblade Chronicles 2 will launch exclusively for the Nintendo Switch system on December 1 at a suggested retail price of $59.99. It will launch alongside a brand new Nintendo Switch Pro Controller and a Collector's Edition.

DHS ends Temporary Protected Status for Nicaraguans, delays decision for Hondurans
We demand that DHS reverse their decision and keep TPS for immigrants from other countries under threat. Norma Portos is an immigration lawyer who has worked with Salvadoran TPS holders living in NY .

FSU suspends all fraternities, sororities in wake of student's death
Florida State is at least the third university this year to suspend Greek Life, behind Pennsylvania State and Louisiana State. Following the recent death of a fraternity pledge , Florida State University has banned all fraternities and sororities.

Trump Praised the North Koreans as "Great People"
North Korea has said in public statements that it wants an official end to the Korean War. Protestors were seen marching near the U.S.

Nokia 5 with 3GB RAM launching today
The new device is priced marginally higher at Rs 13,499 in comparison to the 2GB variant which was launched at Rs 12,499. The smartphone has an internal storage of 16GB; the storage can be expanded up to 128GB through a MicroSD card .

Lamar Odom Collapses In Nightclub, Is 'Doing Great' After Scary Scene
Former NBA star Lamar Odom is recovering after collapsing at a Los Angeles nightclub over the weekend. However, a rep for Lamar blamed the collapse on dehydration following an "intense workout".

Penn State And Michigan State Got Stuck In A Never-Ending Weather Delay
Running back and Heisman Trophy contender Saquon Barkley finished with 14 carries for 63 yards and three receptions for 33 yards. Penn State will look to finish the season strong, with three of the final three games taking place in Beaver Stadium.

Russiagate: Flynn reportedly pressured to cooperate to save his moron kid's ass
Flynn worked on the campaign and his son worked closely with him and briefly worked on the Trump campaign's transition. Flynn Sr. was paid $530,000 for lobbying work benefiting Turkey, and only registered as foreign agent retroactively.