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

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.

The Duchy of Lancastar, who handles the Queen’s estates, has reportedly invested in retailers including BrightHouse, which has recently been criticised for “exploitation” of vulnerable customers.

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.

The 13.4 million Paradise Papers files released yesterday evening have shined a light on many, including the “rich and powerful”, who have opted to protect their wealth by using offshore accounts.

Despite no tax advantages reportedly being gained by investing the Queen’s money offshore, the news is likely to spark arguments that greater control must be placed on royal spending.

BrightHouse, which sells household appliances and furniture, has been accused of over-charging customers and hard-selling products to people with learning difficulties. It was also recently ordered to pay back £14.8 million in compensation, to a quarter of 250,000 people.

BrightHouse

The Queen herself is believed not to have any direct knowledge of the investments. She is not entitled to touch the capital of the estate, but profits from the property empire go into the Privy Purse, providing a source of income for the monarch.

The Queen is entitled to spend the money as she wishes, but also uses it to aid support members of the family, including Princes Andrew and Edward, Princess Anne and the Countess of Wessex, in lieu of their official duties as members of the Royal Family are no longer entitled to civil list payments.

The Queen voluntarily pays income tax on revenue she receives.

Other pubic figured included in the Paradise Papers included Lord Ashcroft, as well as Donald Trump’s Wilbur L Ross Jr.

Such revelations are just the start as more figures being set to be named during the coming week as more documents are released.

The world’s top financial institutions are still recovering from the March 2015 release of the Panama Papers data leak, which revealed Vladimir Putin’s inner circle, as well as a ‘dirty dozen’ list of world leaders, who were using offshore tax havens to hide their wealth.