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Theresa May has said individuals and businesses should 'pay the tax that is due' as the financial affairs of the global elite were laid bare today.Shadow Chancellor John Mc Donnell said he was 'shocked but not surprised' by the industrial levels of cash being invested offshore - and said the public would be 'outraged' by the leak.
US secretary of state Rex Tillerson is named as a director of an offshore firm behind a billion-dollar oil and gas enterprise in the Middle East.
The financial documents, which will be released throughout this week, show that: The Queen's income comes from the Duchy of Lancaster, a private estate which was set up in 1399 to generate a financial return for the reigning monarch.
It manages land and investments held in trust for the monarch and the assets are worth £519million according to its latest accounts.
According to the leak, the Duchy has used offshore private equity funds designed to shield UK investors from having to pay US tax on their holdings.
Fellow royal expert Phil Dampier said that it was completely wrong that there was 'focus on The Queen - who probably knew nothing' while 'letting hypocrites like Bono off the hook'.
Labour MP Dame Margaret Hodge, the former chairwoman of the Commons Public Accounts Committee, said she believed the Queen would be horrified to learn how her funds had been invested.Another £5million was invested by the Duchy of Lancaster in the Jubilee Absolute Return Fund, which invests in hedge funds.At the time of the investment in June 2004, the fund was based in Bermuda. There is nothing illegal in the investments and no suggestion that the Queen is not paying tax, or had any knowledge of the specific investments.Leaked to a global consortium of media organisations including the BBC and the Guardian, the Paradise Papers show that £10.7million of the Queen's private money was invested in funds in the Cayman Islands and Bermuda.A sum of £5.7million was invested through a Cayman Islands fund named Dover Street VI Cayman Fund LP.Royal officials have said she had no direct involvement in the investments and they are 'not aware of any tax advantages'.