What are the Paradise Papers and who’s been named in the tax haven leaked documents?
A MASSIVE leak of financial documents - dubbed the Paradise Papers - revealed the offshore interests of hundreds of high-profile companies and individuals from the Queen to Facebook.
The leak which contains more than 13 million files has raised questions about the tax affairs of the rich and powerful. Here's everything we know about the revelations:
What are the Paradise Papers?
The Paradise Papers are a leak of around more than 13 million secret corporate documents relating to offshore investments.
German newspaper Suddeutsche Zeitung, which also received the Panama Papers last year, obtained the files and shared them with the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation.
Hundreds of journalists from 67 countries have been analysing the documents which were first leaked to the public on November 5.
The leak comes comes one year after the disclosure of the Panama Papers sent shockwaves through the world of business.
The name - Paradise Papers - was chosen because of the idyllic profiles of many of the offshore jurisdictions including Bermuda, the headquarters of the main company involved, Appleby.
What do the documents show?
Documents show the tax and financial affairs of hundreds of people and companies connected to Appleby, which has denied any wrong doing, and 19 tax havens.
Some 6.8 million come from the offshore legal service provider Appleby and corporate services provider Estera.
These are mostly Caribbean and Atlantic islands such as Bermuda, Grenada and the Bahamas, but also include Malta, Lebanon, Labuan (an island territory in Malaysia), Samoa, Vanuatu, the Cook Islands and the Marshall Islands.
The papers cover the period from 1950 to 2016.
Who has been named in the tax haven leaked documents?
Some of the world's biggest companies including Apple, Nike and Facebook, have been revealed in the leak as well as wealthy individuals and politicians including many from the UK.
The biggest names to emerge so far include the Queen, Prince Charles, U2 frontman, former treasury minister James Meyer Sassoon, Lord Ashcroft, Donald Trump’s cabinet members and advisers.
The papers showed the Duchy of Cornwall, Prince Charles' private estate, bought shares worth $113,500 in 2007 that would benefit from a rule change he was promoting.
The Duchy of Cornwall said he had no direct involvement in its management, and a Clarence House spokesman said he had not chosen to speak out on a topic because of an investment.
The papers also say that Formula 1 star Lewis Hamilton escaped a £3.3million VAT bill on a £16.5million jet.
And BBC comedy Mrs Brown’s Boy’s stars Patrick Houlihan, Martin Delany and Fiona O'Carroll, transferred their fees from the BBC's hit sitcom into offshore shell companies in Mauritius, according to leaked documents.
Shakira, Madonna, Justin Timberlake, Martha Stewart, Harvey Weinstein, Nicole Kidman and her husband Keith Urban have also been named in the Panama Papers document.
Is this the same as the Panama Papers?
The Panama Papers involved millions of files leaked from Panamanian law firm Mossack Fonseca, showing how some of their clients laundered money, dodged sanctions and avoided tax.
This is a separate leak but raises many of the same questions of tax avoidance.
What is offshore finance and is it legal?
The term "offshore" is used to describe foreign banks, corporations, investments and deposits.
A company may legally move offshore for the purpose of tax avoidance or to enjoy less strict regulations. Offshore financial institutions can also be used for illegal purposes such as money laundering and tax evasion.
A Treasury 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.
"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."
