Britain’s head of state has been caught up in the scandal of the Paradise Papers – an explosive leak of financial documents laying bare investments in offshore tax havens by the world's rich and powerful.
According to the papers the Duchy of Lancaster, the private estate of the Queen, was found to have millions of pounds invested in offshore arrangements.
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.
If accurate, the claims suggest the Queen, or accountants acting for the Queen, are hiding tax from her own Treasury.
Despite the Queen being a titular head, the Treasury is still a part of the Crown. A spokesman for the Treasury said: “The Treasury is a Government department, which is the traditional organizational unit for the conduct of business by the executive branch of the Crown, Her Majesty's Government. Government departments all act on behalf of the Crown.”
However, it was pointed out that the Queen voluntarily pays tax on any income she receives from the Duchy.
And a spokesman for the estate 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 is only one of the mega-names caught up in the Paradise Papers scandal.
Among those said to be named in the tranche of material is former Tory treasurer Lord Ashcroft and US President Donald Trump's commerce secretary, Wilbur Ross, who is reportedly linked to a Russian firm.