THE grandest name associated with the “Paradise Papers”, leaked documents that shine light on offshore transactions (see article), is that of Queen Elizabeth. The papers reveal that the Duchy of Lancaster, her private estate, invested millions in a Cayman Islands fund. Many of her subjects are nonplussed. Jeremy Corbyn, the leader of the Labour Party, implied that she should apologise, though there is no suggestion of wrongdoing. Yet despite her offshore dealings, the queen actually pays more tax than legally required, not less.
As head of state, she enjoys lots of weird exemptions. Civil and criminal proceedings cannot be taken against the sovereign under British law. Passports are issued in her name, so it is unnecessary for her to possess one.
These oddities extend to tax, which is collected by an office called Her…Continue reading