THE Queen’s private estate invested in rent-to-own firm BrightHouse, according to a leak of financial documents.
The documents, known as the Paradise Papers, show that the Duchy of Lancaster has held and still holds investments into a number of businesses, including the controversial retailer.
Details of the Queen’s investments have been revealed in the Paradise Papers leak of financial documents
Last month, BrightHouse was ordered to repay £14.8million to 249,000 customers after the financial watchdog found it has treated customers unfairly.
The charity Barnardo’s has called the rent-to-own industry morally bankrupt.
The Duchy of Lancaster is a private estate owned by her Maj and its purpose is to provide a source of independent income for the Queen.
The Duchy said that did not know about a 12-year investment in BrightHouse until it was approached by The Guardian.
The Paradise Papers also show investments in off-licence chain Threshers, which went bust owing £17.5million in UK tax.
The Duchy said the BrightHouse holding now equates to £3,208 and it was not involved in fund investment decisions.
It shows that through the Duchy, her private estate, invested in rent-to-own firm BrightHouse
A spokesperson said: “We operate a number of investments and a few of these are with overseas funds. All of our investments are fully audited and legitimate.
“The Queen voluntarily pays tax on any income She receives from the Duchy.”
Details about the Duchy’s investments were revealed in the Paradise Papers – a leak of 13.4million documents from companies across the world, including legal firm Appleby and corporate services provider Estera.
It comes just one year after the Panama Papers were released.
First obtained by the German newspaper Suddeutsche Zeitung, the documents have reportedly been analysed by almost 100 media organisations.
The International Consortium of Investigative Journalists oversaw the project, it is claimed.
What is offshore investment and is it legal?
THE term “offshore” is used to describe foreign banks, corporations, investments and deposits.
A company may legally move offshore for the purpose of tax avoidance or to enjoy less strict regulations.
Offshore financial institutions can also be used for illegal purposes such as money laundering and tax evasion.
A Treasury spokeswoman said: “Since 2010, the Government has secured an additional £160 billion, more than the annual UK NHS budget, for our vital public services by tackling tax avoidance, evasion and non-compliance.
“This includes more than £2.8 billion from those trying to hide money abroad to avoid paying what they owe.
“There are 26,000 HMRC staff tackling tax avoidance and evasion, and we have provided an extra £800 million to fund their efforts.
“A fair tax system is a critical and key part of our plan to build a fairer society, and we are clear that everyone must pay what is due, at the right time.”
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at firstname.lastname@example.org or call 0207 78 24516
Source: Google Alerts
more recommended stories
Country Music Legend Mel Tillis Dead at 85
Country music singer Mel Tillis, whose.
Cannabis Science To Launch Patient Access Center
Cannabis Science Set to Launch its.
North Korean Soldier Stable, Riddled With Parasites
SEOUL – A North Korean soldier.
Missing British Explorer Benedict Allen Spotted In Papua New Guinea
(L-R) Kevin Sites and Benedict Allen.
Are Michigan Dems Running For Governor Veering Too Far Left?
At the moment, Whitmer’s most significant.
Why Target Is Partnering With These 2 Local Boston Non-Profits
Community Matters: Target inspires kids.
Liberal Media Ignores Democrat Candidate Just Arrested For Stalking
A Democrat running for Congress with.
Tulsi Gabbard on Banking and Wall Street Reform
Wells Fargo has built their business.
ICE Agents Revolt; “Trump Betrayed Us”
One of Donald Trump’s main campaign.
How to Keep an Eye on Your Kids Social Media Accounts
The Internet is more accessible than.