The Paradise Papers and The super-rich

Everything we know about the Paradise Papers: The super-rich whose financial details have been leaked

       

The Queen, Lewis Hamilton, Bono and Lord Ashcroft are among those to feature in the news since the Paradise Papers data leak

• Telegraph Reporters

7 November 2017 • 8:46pm

 

When the Panama Papers were released in 2016, they thrust a spotlight on the tax affairs of the rich and powerful.Some 18 months later, the so-called Paradise Papers have yet again brought the matter under global scrutiny - and feature high-profile players from much closer to home.

The disclosure of 13.4million previously-secret documents ties major companies and political figures to secretive overseas arrangements.

The Queen, Lewis Hamilton, Bono and Lord Ashcroft are among those to feature in the news since 
the Paradise Papers data leak

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The majority of the leaked Paradise Papers come from Appleby, which specialises in offshore accounts.
Here is a summary of some the names that have emerged from the papers:

The Queen

The Duchy of Lancaster, the private estate of the Queen, was found to have millions of pounds invested in offshore arrangements.
Around £10million from the Queen's private fund was paid into funds in the Cayman Islands and Bermuda between 2004 and 2005, according to reports.
A spokesman for the estate said all investments were "fully audited and legitimate".

Lewis Hamilton

World champion racing driver Lewis Hamilton reportedly avoided tax on his £16.5 million private jet after it was imported into the Isle of Man in 2013, according to the BBC.
A spokesman for the Mercedes driver said that everything was "above board".

 

Lewis Hamilton celebrates winning his fourth F1 World Drivers Championship in Mexico City last month Credit: Mark Thompson/Getty

Bono

U2 frontman Bono is alleged to have used a company based in Malta, a low tax jurisdiction, to pay for a share in a shopping centre based in Lithuania.

The leaked papers reportedly reveal that Bono, under his real name Paul Hewson, was an investor in the Maltese company Nude Estates, which bought the shopping centre.
The Irish singer said: "I've been assured by those running the company that it is fully tax compliant, but if that is not the case I want to know as much as the tax office does, and so I also welcome the audit they have said they will undertake."

Lord Ashcroft

Former Conservative treasurer Lord Ashcroft is said to have remained a "non-dom" after joining the House of Lords, and was domiciled in Belize for tax purposes at a time it was widely believed he had given up on the status.
He has insisted he did not ignore rules in relation to the Punta Gorda Trust.

Mrs Brown's Boys actors

Three stars of the BBC sitcom Mrs Brown's Boys allegedly put more than £2 million into companies in Mauritius as part of a tax avoidance scheme.
Patrick Houlihan, Martin Delany and Fiona O'Carroll took funds received from the production company owned by creator and star of the show, Brendan O'Carroll, and transferred them overseas, the BBC reported.
Mr O'Carroll told the broadcaster neither he nor his companies had been involved in a tax avoidance scheme or structure.

The three could not be contacted for comments but Mr Houlihan, who plays Dermot, had seemed confused over the scheme and told the Irish Times that he had not intended to avoid tax but simply control it. He said he was contacted by the BBC's Panorama about the scheme, adding: "I was surprised and I hung up. Afterwards I had to Google tax avoidance to see what it meant."

Wilbur Ross

Donald Trump's commerce secretary Wilbur Ross is accused of withholding details of his involvement with shipping firm Navigator when disclosing his financial affairs to a Senate committee earlier this year.
The leaked papers show the billionaire industrialist retains an interest in Navigator Holdings, one of whose most important business relationships is with energy firm Sibur, which is controlled by figures close to Vladimir Putin.

 

Billionaire investor Wilbur Ross Credit: Andrew Harrer/Bloomberg

But he told reporters during a trade visit to London it would be "incorrect" to characterise Navigator's relationship with Sibur, a gas company co-owned by Kirill Shamalov, who is married to Mr Putin's daughter, as a partnership of any kind.

Stephen Bronfman

The chief fundraiser and senior adviser to Canadian prime minister Justin Trudeau, Stephen Bronfman is being linked to offshore schemes that may have cost Canada millions of dollars in taxes.

According to the BBC, the leaks suggest that Mr Bronfman's investment firm, Claridge, had moved millions offshore for the Kolber family for more than 20 years.

Apple

Tech giant Apple is alleged to have rearranged its affairs, moving the firm holding most of its untaxed overseas cash to Jersey, after changes were made to controversial Irish tax practices, the BBC and Guardian said.
Apple said its new structure did not reduce tax payments in any country and "ensured that our tax obligation to the United States was not reduced".

Where has this data come from?

Much of the new trove of files includes bank statements, emails and loan agreements from Appleby, a firm which helps clients set up in overseas jurisdictions with low or zero tax rates.
Responding to the leak on Sunday, Appleby said there was"no evidence" that it had done anything wrong.

Other records came from Asiaciti Trust, a family-run offshore specialist based In Singapore, and from 19 corporate registries maintained by governments in jurisdictions that draw the wealthy seeking privacy.

What is the difference between tax avoidance and tax evasion?

Tax avoidance involves companies and people using legal ways and following the rules to reduce their tax bill.

In contrast, tax evasion is an offence and involves illegal ways of paying less tax than required.
The papers claim major global companies have exploited offshore schemes to avoid tax.

What is the UK's approach to dealing with tax havens?

The Government announced in 2015 that Britain's overseas territories - which include the Cayman Islands and the British Virgin Islands - had agreed to reveal who owns and profits from a company on central registers or "similarly effective systems".
The Foreign Office says it wants UK law enforcement and tax authorities to have unrestricted access to this information while companies and their beneficial owners must not be alerted should an investigation be under way.

But campaigners argue this falls short of the desire to have increased transparency, including David Cameron's previously stated intentions for such registers to be publicly available.
Responding to the papers, Liberal Democrat leader and former business secretary Sir Vince Cable accused Mr Cameron of failing to clamp down on off-shore tax havens.

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