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The Paradise Papers, which have been released today, have exposed the tax secrets of the wealthiest people in the world, including the Queen and members of Donald Trump's cabinet.

More than 13.4 million leaked files show the offshore activities of the most powerful people and companies on the planet, and how they protect their wealth.

The files, which came from offshore law firms and company registries have been investigated by the International Consortium of Investigative Journalists after they were obtained by the German newspaper Süddeutsche Zeitung.

The findings are set to be published over the coming days but some details have already been revealed.

According to The Guardian, which has had access to the files, the project contains information about the Queen, suggesting millions of pounds from her private estate has been invested in funds in the Cayman Islands and Bermuda, as well as some of her money going to a retailer accused of exploiting poor families and vulnerable people.

(Image: Getty)

The payments have been placed in accounts by the Duchy of Lancaster, which handles the Queen's investments.

Around £10m of the Queen's private cash is said to have been tied up in offshore portfolios, the BBC reported.

There is nothing to suggest that the investments are illegal, the report added, but they could raise questions as to whether the monarch should be investing money offshore.

According to The Guardian, the papers also reveal:

A £450m offshore trust that has sheltered Lord Ashcroft's wealth.

Two billionaires, Alisher Usmanov and Farhad Moshiri, used offshore tax havens to buy stakes in Arsenal and Everton football clubs.

Billions in tax refunds by the Isle of Man and Malta to private jet and superyacht owners.

Canadian Prime Minister Justin Trudeau's chief fundraiser and senior adviser, Stephen Bronfman, helped move millions of dollars to a tax-avoiding trust in the Cayman Islands.

A secret loan and alliance used by Anglo–Swiss multinational Glencore in a bid to secure mining rights in the Democratic Republic of Congo.

Hundreds of millions of dollars invested in Twitter and Facebook were traced back to Russian state financial institutions.

Aggressive tax avoidance by global companies including Nike and Apple.

(Image: REUTERS)

A small portion of the Queen's investments - £3,208 - was found to have bought a holding in the lender BrightHouse, it was claimed.

The rent-to-buy firm has previously been accused of ripping off customers with high interest rates, but maintains it does responsible business.

Cash ended up in BrightHouse via a company called Dover Street VI Cayman Fund LP, in which the Duchy of Lancaster reportedly invested 7.5 million US dollars (£5.73m) in 2005.

The organisation bought an interest in a project involved in the takeover of BrightHouse and Threshers, which went bust.

A further £5m was invested in 2004 in the Bermuda-based Jubilee Absolute Return Fund Ltd.

A spokesman 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 Dover Street investment is said to form only 0.3% of the total value of the Duchy. The Duchy's investment in BrightHouse, meanwhile, totals 0.0006% of the Duchy's value.

The Queen voluntarily pays tax on any income she receives from the Duchy.

Offshore dealings have also been made by Trump's cabinet members, advisers and donors.

The papers uncovered substantial payments from a firm co-owned by Russian President Vladimir Putin's son-in-law to a shipping group in which billionaire US Commerce Secretary Wilbur Ross owns a stake, the Guardian reported.

The papers revealed Ross' links with Putin allies who are under US sanctions, stating that he has an interest in Navigator Holdings through a chain of offshore investments.

Navigator is paid millions a year to transport oil and gas for the Russian energy firm Sibur. Two of the firm's shareholders are under US sanctions, while another part-owner is Putin's son-in-law Kirill Shamalov.

The Paradise Papers come just over a year after the ICIJ published 11.5 million documents, dubbed the Panama Papers, which revealed how some of the world's wealthiest and most powerful people legally hide their money.

(Image: Barcroft Media)

The material has come from two offshore service providers and the company registries of 19 tax havens, it was reported.

The papers allegedly reveal that several major global companies have been exploiting offshore schemes to avoid tax,heaping pressure on governments around the world who claim they are cracking down.

Labour leader Jeremy Corbyn said the disclosure "proves" that "there's one rule for the super-rich and another for the rest when it comes to paying tax".

Shadow chancellor John McDonnell added: "These are deeply worrying revelations. Despite all the government's claims of cracking down on tax dodgers, this evidence confirms that tax avoidance is clearly continuing on an industrial scale.

"Either the Prime Minister or the Chancellor needs to explain how this scandalous behaviour has been allowed to go on unaddressed for so long and what action is to be taken now."

A government spokeswoman said: "Since 2010, the government has secured an additional £160 billion, more than the annual UK NHS budget, for our vital public services by tackling tax avoidance, evasion and non-compliance.

"This includes more than £2.8 billion from those trying to hide money abroad to avoid paying what they owe.

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PMQs

"There are 26,000 HMRC staff tackling tax avoidance and evasion, and we have provided an extra £800 million to fund their efforts.

"A fair tax system is a critical and key part of our plan to build a fairer society, and we are clear that everyone must pay what is due, at the right time."

Commenting on the leak, Ana Caistor Arendar, Oxfam's Head of Inequality, said: "This is yet another stark reminder that, when it comes to tax, too many big companies and wealthy individuals play by different rules to the rest of us.

“There’s an often overlooked but very real human cost to tax dodging – it deprives poor countries of billions each year needed for life-saving healthcare and life-changing education.

"But this is a problem that affects rich and poor countries alike – until leaders clamp down on widespread tax avoidance we'll all continue to suffer.

"UK-linked tax havens such as Bermuda are at the heart of this scandal, so strong British leadership is critical to help end tax secrecy and bring global tax dodgers to book.

"The Government should not hesitate to make big companies based in Britain report their tax payments in every country, and our overseas territories and crown dependencies reveal the real owners of companies."