One of Britain’s richest families and a Tory peer are among the latest people named in the so-called Paradise Papers revealing details of offshore wealth funds.
The disclosure of 13.4 million documents dramatically revealed the ties of major companies and political figures to secretive overseas arrangements.
It emerged today that the Duke of Westminster’s estimated £9.35 billion estate, which has been passed on between the generations, has included holdings in Bermuda and Panama.
The finances of James Sassoon, a Tory member of the House of Lords who is related to a famous war poet, have also come under scrutiny.
The late Duke of Westminster (pictured, left, with his wife) passed on the bulk of his family’s estimated £9billion fortune to his son Hugh (right) after his death last year
Until around 1999, the Duke of Westminster’s Grosvenor International Holdings Ltd had assets worth more than £600m with 42% of its shares held by screen companies in the tax havens, The Guardian reported today.
Two offshore companies, incorporated in 1964 and 1977 respectively, held shares in GIHL, the paper reported, before Grosvenor bought them both out for £40million in 2007.
Questions were asked when it emerged Gerald Grosvenor, who died from a heart attack aged 64 in August last year, left a personal estate of £743.4 million, reduced to £616.4 million after debts and liabilities.
The rest of his estimated £9billion estate appears to have been in family trusts which were passed on to his only son Hugh, 26, now the 7th Duke of Westminster.
As with nearly all of those highlighted in the Paradise Papers, there is no suggestion that any rules were broken.
The Duke’s family have insisted no benefit has been received from the overseas trusts. Pictured: The late Duke with his wife and son in 1991
Responding to the Guardian report, a spokesman for the Grosvenor estate said: ‘Two small overseas trusts were established over 50 years ago, when it was accepted common practice to facilitate the acquisitions of some non-UK assets.
‘No family member has received any benefit derived from these but, as UK residents, if they ever did then they would be fully liable to tax in this country.
‘Our policy is to uphold the highest standards of business practice. We are careful to ensure that our ownership of overseas property is through vehicles incorporated in the same country as the asset.
‘Where the group occasionally has entities in offshore locations, it is typically as a result of the requirements of joint-venture partners.’
It also emerged today that the family of former Treasury minister James Sassoon, who is now a member of the House of Lords, also had a Bahamas investment vehicle worth around £200million in 2008.
The family of Tory peer James Sassoon also have a large offshore fund, it emerged today
The trust was set up by his grandmother Doris Herschorn and the peer, a relative of the war poet Siegfried Sassoon, received roughly £1.5million in 1989,The Guardian also reported.
He says he has not received any money from the trust in more than 25 years.
The peer, who previously defended tax avoidance, insists he has always disclosed his interests during Lords debates according to the rules.
A number of major figures have been named following the leak of the papers this week.
The revelations have included claims that the Queen has £10million of her personal fortune invested in an offshore tax haven.
U2 frontman Bono is among a line-up of high-profile celebrities to be named in the leaked papers.
Former Conservative peer and pollster Lord Ashcroft leads the political names on the list. There is no suggestion that those involved acted illegally.
The former minister, pictured (right) with the Treasury team in 2012, says he hasn’t received money from the trust for more than 25 years