Tax probe: Queen Elizabeth II in trouble

Documents show Queen Elizabeth — through investments made by the monarch’s private estate the Duchy of Lancaster — has held stakes in funds that operate in tax-free havens

During Mr Corbyn's speech on Monday, he suggested the Queen should apologise if her private estate invested £10m of her fortune in offshore funds to avoid paying tax in Britain.

The firm supplies household goods, such as TVs and washing machines, at sky-high credit rates to consumers who can not access typical borrowing facilities.

BrightHouse, which sells household appliances and furniture, has been accused of over-charging customers and hard-selling products to people with learning difficulties.

Around £10 million from the Queen's private fund was paid into funds in the Cayman Islands and Bermuda between 2004 and 2005, according to reports.

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The duchy obeyed the law and was not involved in decisions made by the funds. It refused to disclose the size of its original investment in the company, made in 2005, as its share price began to rocket. While it claims to have received no tax advantages from investing offshore, offshore private equity funds are explicitly created to shield United Kingdom investors from paying USA taxes on their holdings.

The duchy claimed that it was unaware of its £3,000 stake in BrightHouse, which was purchased 12 years ago, while large sums were also invested into off-license chain Treshers, which has since closed down.

It said that all its investments were legitimate. The Duchy was asked to contribute US$450,000 to the effort.

In addition, it is noted that in these investments, there is nothing illegal, as there is no evidence that the Queen does not pay taxes. Per the documents, some of the money was invested in a fund that ended up contributing to BrightHouse, a chain with an alleged history of irresponsible lending, and liquor store chain Threshers, which went belly-up in 2010 after owing £17.5 million in United Kingdom taxes.

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A document outlining a limited partnership agreement with Dover Street VI Cayman Fund LP naming the Duchy of Lancaster.

The Duchy does not use taxpayer funds, nor does it pay taxes.

"The Queen voluntarily pays tax on any income she receives from the Duchy".

"I think the Queen herself would be completely shocked to find her advisers have used tax havens in which to invest their money and that her reputation has been sullied by the actions of the tax advisers". The Queen's role as Head of State of so many leading secrecy jurisdictions puts her in a highly compromised position.

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Queen Elizabeth's estate reportedly invested at least $13.1 million into offshore tax-sheltered funds located in the Cayman Islands and Bermuda, prompting Labour party leaders and anti-monarchists to demand an investigation into Her Royal Highness's finances. If it is acquired using a "rent-to-own" offer at £9 for 130 weeks it will, with interest, end up costing about £1170.00.

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