Labour has issued a new call for a public inquiry into tax avoidance after an explosive leak of secret documents laid bare the financial affairs of the global elite.
The disclosure of 13.4 million documents, dubbed the Paradise Papers, reportedly ties major companies and political figures to secretive overseas arrangements.
It includes claims that the Queen has £10 million of her personal fortune invested in an offshore tax haven.
There is no suggestion that those involved acted illegally.
However shadow chancellor John McDonnell said an inquiry was now urgently needed to restore public confidence in the tax system.
“These papers have revealed widespread massive tax avoidance,” he told the BBC Radio 4 Today programme.
“To have such a large number of rich individuals avoiding their taxes means that we don’t have our taxes to pay for vital public services like the NHS, like education, like the care of our children by local councils.
“We called for a public inquiry 18 months ago into tax avoidance and we desperately need it now to restore confidence in our taxation system.”
Among those said to be named in the papers are former Tory treasurer Lord Ashcroft and US president Donald Trump’s commerce secretary, Wilbur Ross, who is reportedly linked to a Russian firm.
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.
A small part of the cash was traced to a lender which has previously been criticised for ripping off poor customers.
The Queen voluntarily pays tax on any income she receives from the Duchy.
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 Paradise Papers represent the biggest data leak since the Panama Papers release last year and have been analysed by almost 100 media organisations.
First obtained by the German newspaper Suddeutsche Zeitung, the documents stem from two offshore service providers and company registries from 19 tax havens, the Guardian reports.
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The International Consortium of Investigative Journalists oversaw the project.
A small portion of the Queen’s investments – £3,208 – was found to have bought a holding in lender BrightHouse, the BBC and the Guardian reported.
The rent-to-buy firm has previously been accused of exploiting 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 (£5.73 million) in 2005.
The organisation bought an interest in a project involved in the takeover of BrightHouse and Threshers, which went bust.
A further £5 million was invested in 2004 in the Bermuda-based Jubilee Absolute Return Fund Ltd.
The Dover Street investment is said to form only 0.3% of the total value of the Duchy.
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.”