The Queen should say sorry for her offshore investments, Jeremy Corbyn suggests

Duchy of Lancaster headquarters

The Duchy claims it was unaware of the fund's 12-year investment in BrightHouse, until approached by the group of newspapers involved in the Paradise Papers project.

Britain's socialist Labour leader Jeremy Corbyn said the Paradise Papers, 13 million files leaked files that expose how the rich and powerful systematically evade tax, shows "one rule for the super-rich and another for the rest".

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.

The Queen invested offshore a significant amount of money.

The leaked documents from the Paradise Papers have revealed that Queen Elizabeth II's private estate had invested over Rs 85 crore in offshore accounts.

It is alleged that the Duchy of Lancaster, which handles the Queen's investments, has held funds in the Cayman Islands and Bermuda.

Nearly 100 media groups are investigating the papers.

Such revelations are just the start as more figures being set to be named during the coming week as more documents are released. "In contrast to Mossack Fonseca, the discredited firm at the centre of last year's Panama Papers investigation, Appleby prides itself on being a leading member of the "magic circle" of top-ranking offshore service providers".

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Suddeutsche Zeitung also alleged that Dover Street further invested in a subsidiary company called Vision Capital Partners VI B LP to buy into two United Kingdom retail chains, one of which was BrightHouse.

The documents showed that the queen has roughly 3200 pounds invested in BrightHouse, a household goods and electronics retailer that has been accused of exploiting customers by charging high interest rates.

Cash ended up in BrightHouse via a company called Dover Street VI Cayman Fund LP, in which the Duchy of Lancaster reportedly invested 7.5 million U.S. dollars (£5.73m) in 2005.

The Duchy of Lancaster, which holds assets for the British monarch to generate income for her, confirmed in a statement that some of its investments are in overseas accounts. "All of our investments are fully audited and legitimate", it said.

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

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

"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".

"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".

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