Paradise Papers | Queen's private estate sent millions to Bermuda and Cayman Islands

Duchy of Lancaster headquarters

A small exposure of the Queen discovered in the leasing company, BrightHouse, which was accused of the acquisition on the poor and Threshers - British chain of stores went bankrupt, owing £ 17.5 million of taxes and having left without work of 6 thousand people.

The comments came after the treasure trove of Paradise Papers laid bare the hidden wealth of financial giants including the Queen and several worldwide political players.

"The collective investment fund provides a tax-neutral jurisdiction to ensure its collective income does not pay a second layer of foreign tax in relation to income on which all applicable taxes have already been paid at source".

Around £10 million of the Queen's private funds have been invested in overseas accounts in Bermuda and the Cayman Islands, the "Paradise Papers" have revealed. It refused to disclose the size of its original investment in the company, made in 2005, as its share price began to rocket.

The Queen was likely unaware her money had been invested offshore; as David McClure, author of Royal Legacy: How the Royal Family Have Made, Spent and Passed on Their Wealth, noted in The Guardian, "the Queen is permitted by convention only an arm's-length role in the management of the duchy".

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".

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

"The investment has largely been realised, at an attractive return, and the NZ Super Fund's residual interest in CIP V (Coller International Partners V) was therefore held at zero value in its 2017 financial statements". The duchy also invested close to $5 million into nontaxable funds in Bermuda, according to documents released as part of a global investigation called "The Paradise Papers".

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.

"It undermines every one of us here who pays our taxes honestly and diligently".

Though the Queen in 1992 had declared that she would voluntarily start paying the taxes, the actual details of her payments are still a closely guarded secret.

He blasted PM Theresa May's refusal to commit to introducing a public register of who owns offshore companies and trusts in British tax havens or to opening a public inquiry into tax avoidance.

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