Tech Giant Apple Reportedly Involved in Paradise Papers Scandal

Paradise Papers 'Treasury fell down' in monitoring Queen's investments by Duchy of Lancaster says Margaret Hodge MP

Just like Panama Leaks, Paradise Papers is a world wide investigation into offshore activities of the world's most powerful people and companies.

"The Daily Mail describes the Queen as being "dragged into" the "£10m offshore tax row".

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.

The Duchy said it was not involved in decisions made by funds and there is no suggestion the Queen had any knowledge of the specific investments made on her behalf. "All of our investments are fully audited and legitimate", it said. The queen does not personally manage the portfolio and voluntarily pays taxes on income she earns from the estate.

"I can understand totally the commercial reasons for the way in which the Super Fund would be investing this way".

A further £5 million had been invested in 2004 in the Bermuda-based Jubilee Absolute Return Fund Ltd.

The amount invested in the Cayman Islands was later indirectly diverted to fund firms in the UK.

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The Dover Street VI fund closed December 2014 and has sold off its holdings and remunerated investors since, although based on available data it's unclear what the Duchy has received - although a June 2008 letter included in the leak shows the Duchy was entitled to US$361,367, on which it paid - 0.4 percent (US$1,505) tax.

The documents have been obtained and analysed by a range of worldwide media organisations including the International Consortium of Investigative Journalists, Suddeutsche Zeitung, The Guardian and the BBC.

BrightHouse has since been accused of overcharging United Kingdom customers and using hard-sell tactics on people with mental health problems and learning disabilities.

Just last week, it emerged BrightHouse had agreed to reimburse customers to the value of almost £15m after agreeing a compensation package with the Financial Conduct Authority, following a two year investigation.

The company told the newspaper that it follows all relevant tax regulations and pays its tax in full and on time. Her assets are worth £519million according to the latest accounts. "It is so obvious that if you are looking after the money of the monarchy that you've got to be to be cleaner than clean and you must never go near the dirty world of tax avoidance or making money in dubious ways", she said.

A spokesman for the Labour leader said today: "Jeremy did not call for the Queen to apologise but said anyone who puts money into a tax haven to avoid paying tax should, and that they should recognise the damage done by avoidance to society". While the practice is legal, the revelations have wider implications on the way the finances of the rich and famous are handled.

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