Home » World

Tax probe: Queen Elizabeth II in trouble

09 November, 2017, 01:09 | Author: Priscilla Morrison
  • Savoy hotel

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:



Popular

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 .

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.

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.

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.

Meek Mill Sentenced to 2-4 Years in Prison for Violating Probation
Most recently, in February 2016, Meek Mill was put on house arrest for 90 days after another probation violation. Meek Mill's lawyer say they'll appeal against the sentencing.

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 .

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.

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.

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".

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.