Paradise Papers: Queen's private estate invested £10m in offshore funds

[webfact]

Paradise Papers: Queen's private estate invested £10m in offshore funds

By Paradise Papers reporting team

BBC Panorama

 

About £10m of the Queen's private money was invested offshore, leaked documents show.

 

The Duchy of Lancaster, which provides the Queen with an income, held funds in the Cayman Islands and Bermuda.

 

A small amount ended up in the company behind BrightHouse, a chain accused of irresponsible lending, and Threshers, which went bust owing £17.5m in UK tax.

 

Full story: http://www.bbc.com/news/uk-41878305

 

-- © Copyright BBC 2017-11-06

[tonray]

Seems like HM pulled a "QUEXIT" for her money before the ''''''''' hit the fan.

[Rancid]

I'd be more shocked if one of the rich and famous was actually paying all their taxes like the serfs are being forced to with threat of jail. It's a strange old world where the filthy rich can never be rich enough, and are happy to see the rest of us starve if it help them gather a few more dollars.

[Caps]

So what, good on her.  Fully audited, where's the issue!

[Baerboxer]

The Duchy of Lancaster is exempt from tax. But HM voluntarily pays. I believe last year she contributed more than 19 million GPB.

All the Duchy's investments are fully audited. 

 

So BBC, what's the point?

 

Trying to create something out of nothing, again?

[klauskunkel]

It's her private money. She can invest it any which way she wants as long as it's legit. 

This statement was made without the need for leaked documents.

[wavemanwww]

I think it is disgusting for a person who every xmas preaches to the world what we should do to be good yet does not set an example!  Royal family  with millions and massive tax avoidance legally approved! I'm starting to wonder about this bullshit life on Earth. The "rich get richer and the poor get the picture". Love to audit the Popes assets. :-) No wonder I believe in no religion, royalty and politicians.

[VocalNeal]

If the rich gave all their money to the poor everyone would get say 100 quid each and spend it down the pub and then what. Who's is going to invest in the future! 

 

Woe is me , imbeciles.

 

In recent years all UK citizens got equal opportunity education free. If one is not clever enough or hard working enough then they stay at the bottom. Same as in nature.

 

[stevenl]

3 hours ago, klauskunkel said:

It's her private money. She can invest it any which way she wants as long as it's legit. 

This statement was made without the need for leaked documents.

Yes, is is her money and she can do with it what she likes.

 

But it would be nice if she were to set a positive example.

[ChiangMaiLightning2143]

An example, to be squeezed by Inland Revenue? Nothing wrong with the Crown investing offshore. If there is a problem with that they should change the laws.

Sent from my SM-G920F using Tapatalk

[mrfill]

4 hours ago, Baerboxer said:

The Duchy of Lancaster is exempt from tax. But HM voluntarily pays. I believe last year she contributed more than 19 million GPB.

All the Duchy's investments are fully audited. 

 

So BBC, what's the point?

 

Trying to create something out of nothing, again?

Rather mischievous comment. The Duchy of Lancaster (which is basically a trust owing assets which provides an income to the Crown) has £519m worth of assets (as at March 2017) from which an income of £19.2m was declared. That is the amount that tax is paid on (at a secret rate).

https://www.duchyoflancaster.co.uk/financial/

[lungbing]

Perhaps the BBC should name its employees who are paid as companies, not as individuals, and thus pay far less tax than they should.

[mrfill]

1 hour ago, VocalNeal said:

If the rich gave all their money to the poor everyone would get say 100 quid each and spend it down the pub and then what. Who's is going to invest in the future! 

 

Woe is me , imbeciles.

 

In recent years all UK citizens got equal opportunity education free. If one is not clever enough or hard working enough then they stay at the bottom. Same as in nature.

 

Remind us then, how much is this 'free education' at, say, Eton or Millfield schools, and then explain why students leaving university have, on average, a debt of £40000 consisting mostly of fees, which have been in for a generation and were imposed by politicians who received non-repayable grants.

You can be as clever as Einstein and work really hard, but if you can't afford it nowadays, tough.

[taipeir]

Remind us then, how much is this 'free education' at, say, Eton or Millfield schools, and then explain why students leaving university have, on average, a debt of £40000 consisting mostly of fees, which have been in for a generation and were imposed by politicians who received non-repayable grants.
You can be as clever as Einstein and work really hard, but if you can't afford it nowadays, tough.

The toffs still own 1/3 of the land in blighty and a fair chunk of the cities too.

Its all held in trusts so they don't actually 'own' anything you see.?

Sent from my SM-G955F using Tapatalk

[Andaman Al]

Well i think those that manage her wealth should be sacked for only investing 10M in overseas investment accounts, it should have been much much more.

 

Her Majesty has dedicated her entire life to public service and the Crown - and in her 90's she is still at it, I don't see giving her an exemption from tax as being an issue really. The more she earns on investment schemes the less she needs each year from the public purse to run the Royal House Holds.

[tomacht8]

One of the advantages for europe through brexit.

Finish with tax havens like jersey and isle of man where the super-rich can hide their profits tax-free.

[nausea]

Whatever you think about this issue, at least we can talk about it, and that's something.

 

14 hours ago, VocalNeal said:

In recent years all UK citizens got equal opportunity education free. If one is not clever enough or hard working enough then they stay at the bottom. Same as in nature.

Well, the middle classes certainly don't believe there is a mythical level playing field ensuring the genetically superior rise to the top, property prices related to school availability prove that; and I'm not sure it's something they would really welcome, their little William or Francesca competing on equal terms with Danny, Cuthbert, Toots, and the rest, from the Bash Street Kids.

[FreddieRoyle]

3 hours ago, tomacht8 said:

One of the advantages for europe through brexit.

Finish with tax havens like jersey and isle of man where the super-rich can hide their profits tax-free.

Jersey is an autonomous Bailiwick, the Europeans and UK govt have no power to force the Jersey people to change their tax system. Even if Jersey and the IOM were forced to hike taxes there will always be the Vanuatus and other offshore havens offering tax free existences. No. The answer is for European nations to stop this horrific gravy train spending spree of hard earned taxpayers money. Stop the liberal agendas of paying for the 3rd world to come and live in Europe playing on their top-of-the-line smartphones in their top-of-the-line Nike trainers without ever needing to work. Reduce the EU spending by 95% and drop taxes correspondingly and hey-ho problem solved every citizen is happy.

 Not surprised the Queen was trying to avoid sponsoring the traitorous regime, anyone with 1/2 a brain would be doing exactly the same - even the liberal elite who lead the calls for crackdowns on tax havens will be doing this sort of scheme.

[wavemanwww]

22 hours ago, VocalNeal said:

If the rich gave all their money to the poor everyone would get say 100 quid each and spend it down the pub and then what. Who's is going to invest in the future! 

 

Woe is me , imbeciles.

 

In recent years all UK citizens got equal opportunity education free. If one is not clever enough or hard working enough then they stay at the bottom. Same as in nature.

 

Your statistics are pulled out of a hat about 100 quid aside from that as you quote every poor person gets about $129 Au, based on your Statistics., each person ,and as per you spends it in a pub. Well how many pubs are there in refugee camps  aside from , Libya, Argentina Nigeria and so on. Please be more compassionate to the poor! Woe is you! Bet you live in a nice Thai House and get three meals a day. God bless you LMFAO Being sarcastic to you

[VocalNeal]

^ My point was that you cannot save the world by redistributing the wealth of rich people. There is not enough to go around. yes my numbers were plucked from the sky as no one actually declares their own personal wealth. 

 

I have compassion for people who find themselves in hard times but not for lazy welfare state scroungers.

 

NB. Live in a rented shop house and usually only eat twice a day.  

[wavemanwww]

17 minutes ago, VocalNeal said:

^ My point was that you cannot save the world by redistributing the wealth of rich people. There is not enough to go around. yes my numbers were plucked from the sky as no one actually declares their own personal wealth. 

 

I have compassion for people who find themselves in hard times but not for lazy welfare state scroungers.

 

NB. Live in a rented shop house and usually only eat twice a day.  

My point was that you cannot save the world by redistributing the wealth of rich people. yes my numbers were plucked from the sky .

Yet you make these bold statements without fact?

 

[jayboy]

On 11/6/2017 at 5:29 PM, stevenl said:

Yes, is is her money and she can do with it what she likes.

 

But it would be nice if she were to set a positive example.

Some points:

 

1.There is no suggestion that she has done anything illegal.

 

2.Almost certainly she would not have known about the details of how her investments were structured.She has investment advisers.

 

3.Tax avoidance is completely different from tax evasion.

 

4.Most pensioners will have some part of their pension as income from investments sheltered offshore.

 

5.There is no requirement to pay as much tax as possible.There is only a requirement to obey the law.

 

[janclaes47]

On 06/11/2017 at 5:08 PM, VocalNeal said:

If the rich gave all their money to the poor everyone would get say 100 quid each

In 2017 there were 2043 " known " billionaires in the world, owning a total of US$ 7.67 Trillion.

 

I didn't do the calculation, but I think your 100 quid may be considered to the low side.

 

https://en.wikipedia.org/wiki/The_World's_Billionaires

[Timbob]

21 hours ago, VocalNeal said:

I have compassion for people who find themselves in hard times but not for lazy welfare state scroungers.

The Windsor Family are Britain's biggest welfare scroungers!

[Airbagwill]

We know corporations are incredibly "creative" when it comes to paying taxes but there is something particularly irksome about finding out that the QUEEN - who the British pay for with taxes etc seems to think it is OK to dodge - legally or otherwise - paying money that would normally be expected to go to her own subjects.

[the guest]

On 11/6/2017 at 5:04 PM, wavemanwww said:

I think it is disgusting for a person who every xmas preaches to the world what we should do to be good yet does not set an example!  Royal family  with millions and massive tax avoidance legally approved! I'm starting to wonder about this bullshit life on Earth. The "rich get richer and the poor get the picture". Love to audit the Popes assets. :-) No wonder I believe in no religion, royalty and politicians.

Why do you think the Pope is surrounded by high walls?

[RuamRudy]

On 11/6/2017 at 6:08 PM, VocalNeal said:

If the rich gave all their money to the poor everyone would get say 100 quid each and spend it down the pub and then what. Who's is going to invest in the future! 

 

Woe is me , imbeciles.

 

In recent years all UK citizens got equal opportunity education free. If one is not clever enough or hard working enough then they stay at the bottom. Same as in nature.

 

What particular skills did Betty demonstrate other than falling out of the right womb? Equal opportunities? Are you for real? If so, I too want to be able to write the tax code such that I am also able to benefit from not paying any. 

[RuamRudy]

1 hour ago, Airbagwill said:

We know corporations are incredibly "creative" when it comes to paying taxes but there is something particularly irksome about finding out that the QUEEN - who the British pay for with taxes etc seems to think it is OK to dodge - legally or otherwise - paying money that would normally be expected to go to her own subjects.

To make matters worse, she is asking the tax payer to cough up and pay for repairs to her house to the tune of £369m. Oh - and she also tried to claim old-age winter heating allowance. Parasites - each and every last one of them. 

 

[RuamRudy]

On 11/8/2017 at 9:09 AM, jayboy said:

Some points:

 

1.There is no suggestion that she has done anything illegal.

 

2.Almost certainly she would not have known about the details of how her investments were structured.She has investment advisers.

 

3.Tax avoidance is completely different from tax evasion.

 

4.Most pensioners will have some part of their pension as income from investments sheltered offshore.

 

5.There is no requirement to pay as much tax as possible.There is only a requirement to obey the law.

 

Your last point is the most important one - because most of us have no ability to actively influence the law with respect to taxes. Those who benefit from these laws are, mainly, those who have the government in their pocket. 

 

I am sure that there are more than a few Brits on Thai Visa who are observant of the UK's 90-day rule. I personally know a couple who were hauled over the coals by the tax man for a couple of minor infractions. Yet Lord Ashcroft can be a sitting member of the HoL and, despite promising to give up his non-dom status, chooses to ignore that promise and flouts the rules openly. Where are the repercussions for him?

[RuamRudy]

On 11/7/2017 at 4:44 PM, VocalNeal said:

^ My point was that you cannot save the world by redistributing the wealth of rich people. There is not enough to go around. yes my numbers were plucked from the sky as no one actually declares their own personal wealth. 

 

I have compassion for people who find themselves in hard times but not for lazy welfare state scroungers.

 

NB. Live in a rented shop house and usually only eat twice a day.  

Who is talking about wholesale redistribution? This is about all of us operating under the same rules rather than the distorted world of Leona Helmsley, where only the little people pay taxes. 

 

Tax evasion and tax avoidance, combined, cost the UK exchequer around £7 billion. In an effort to clamp this down, the government employs around 700 people.

Benefit fraud and over payments, however, costs us less than half that - £3 billion. However, the government employs 3,765 people to stamp that out.  Seems a bit skewed to me.

Source.