The Paradise Papers Debacle

[Oliver_W]

Surprised there's not already a thread on this!

The BBC has revealed that the Queen's estate has used overseas tax havens. (http://www.bbc.co.uk/news/uk-41883472)

It comes after a leak from the tax haven of Bermuda revealed the secret overseas investments of the rich and famous, including the Queen.

Buckingham Palace has not commented on the revelation that the Duchy of Lancaster, which handles the Queen's private wealth, used offshore investments.

A spokesperson for the Duchy of Lancaster 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."

A Downing Street spokesperson said HM Revenue and Customs (HMRC) had asked to see the leaked Paradise Papers.

Mrs May's spokesperson told reporters: "It is important to point out that holding investments offshore is not an automatic sign of wrongdoing, but HMRC has requested to see the papers urgently so it can look into any allegations."

Mrs May said HMRC had collected £160bn by tackling tax avoidance, evasion and non-compliance since 2010.

She added the UK government was working with the overseas territories "to ensure we're seeing greater transparency".

"We want people to pay the tax that is due," she said.

My view? I seriously doubt the Queen manages her own finances, that'll be in the hands of various ... I dunno, investors and financial managers, who probably take a percentage of money earned, so it's pointless to blame her for something she probably didn't even know about, but people who run businesses and companies are more aware and hands on as to where their money goes, even if it's not entirely in their hands.

As for the avoidance itself ... I don't agree with progressive tax rates, so I have a hard time caring that people avoid paying them, but they're breaking the rules so if they get caught, then they face the consequences.

[Kizzy]

Are you attempting to distance the queens estate from any blame? Whether or not you agree with our tax system or not if you are domicile here you pay tax here.

[joeysteele]

I don't think anyone could or should accuse the Queen of deliberate tax avoidance.
However those who act for her estates on her behalf,should be scrutinised totally and that they ensure all dealing related directly or indirectly to and for the crown, are all legally and morally right.

These,across the board are startling if not unsurprising revelations.
Really good they are being exposed.

Yes things are being done by the govt.but not enough and far more needs to be looked at now.
Anything done on or for the crown estates,well sorry but the Monarch has to hold some responsibility for whoever is doing dealings as to Royal estates.

[smudgie]

I wish they would stop dressing it up as a leak..it's an illegal hack.

Anyone in a personal pension scheme or paying into insurance may likely have had money invested offshore, it's normal procedure.
The Queen pays her taxes, and invests some of her private money in offshore investments.
I would be more concerned about people who get their wages paid into one of these tax havens and then gives themselves loans that never get paid back.
Time to shut a few loopholes then stop harking on about who has what and how they choose to spend it.

[DemolitionRed]

Queenies offshoring might be a bit embarrassing but the Russia-Trump interactions are the most interesting so far... enough to put some Trumptons behind bars perhaps?

@Oliver: "As for the avoidance itself"

Tax evasion and tax avoidance are very different concepts. One's illegal, the others just a dirty little secret. Oh and tax evasion stops free market enterprise so you can't, no matter which way you try and twist and turn this, be a true capitalist and support those evading tax.

[DemolitionRed]

I wish they would stop dressing it up as a leak..it's an illegal hack.

Anyone in a personal pension scheme or paying into insurance may likely have had money invested offshore, it's normal procedure.
The Queen pays her taxes, and invests some of her private money in offshore investments.
I would be more concerned about people who get their wages paid into one of these tax havens and then gives themselves loans that never get paid back.
Time to shut a few loopholes then stop harking on about who has what and how they choose to spend it.

The pension fund isn't itself taxable. The pension company pays tax only on its own profit, and the recipient of the pension may pay tax when the pension is drawn.

[bots]

the majority of details relate to perfectly legitimate and legal investments. Of course some people take advantage of facilities to save money, we are all, each and every one of us careful in our own way and use systems to benefit us. I see this as an attempt to tarnish the reputations of people who have been successful in life. There will be a few that have taken things too far, there always are, but they are very much in the minority

[Kizzy]

the majority of details relate to perfectly legitimate and legal investments. Of course some people take advantage of facilities to save money, we are all, each and every one of us careful in our own way and use systems to benefit us. I see this as an attempt to tarnish the reputations of people who have been successful in life. There will be a few that have taken things too far, there always are, but they are very much in the minority

Aw well then the ramifications across the globe are totally unwarranted then clearly....

[smudgie]

The pension fund isn't itself taxable. The pension company pays tax only on its own profit, and the recipient of the pension may pay tax when the pension is drawn.

Exactly, and neither are some of the investments other people make.
Some do use these tax havens as tax dodges, this is what really needs stamping on.
If you earn your money here then pay your tax on it here, then do whatever the hell pleases you with it.

[DemolitionRed]

the majority of details relate to perfectly legitimate and legal investments. Of course some people take advantage of facilities to save money, we are all, each and every one of us careful in our own way and use systems to benefit us. I see this as an attempt to tarnish the reputations of people who have been successful in life. There will be a few that have taken things too far, there always are, but they are very much in the minority

Wouldn't it be nice if we could all persuade our accountant to save us money. To not send in our full accounts but make up some abbreviated ones! What's the point of becoming a chartered accountant if you don't have to follow an ethical code of practice? Successfulness should not have to rely on dodgy lawyers, bankers, and accountants... but it does.

Have you visited the BVI's lately? I think you will find its not the minority that keep their very large offshore accounts there. Its corruption on a massive scale and we, the minions who earn mediocre salaries as well as the natives who live on these tax haven islands, suffer as a direct result of that corruption.