Summary

  • The leak, dubbed the Paradise Papers, contains 13 million documents

  • Prince Charles' offshore financial interests revealed in latest wave of stories

  • Tax affairs of British island territories under the spotlight

  • US tech firm Apple has secret tax bolthole in Jersey, papers reveal

  • EU finance ministers call for a blacklist of tax havens

  • Trump's commerce secretary selling shares in firm with links to Russia

  1. Paradise Papers recappublished at 06:38 Greenwich Mean Time 7 November 2017

    PP Graphic

    Here are the top stories from overnight:

  2. What the papers saypublished at 06:33 Greenwich Mean Time 7 November 2017

    Guardian front pageImage source, Guardian

    Not surprisingly the Paradise Papers dominate the press in the UK again today.

    A second days of leaks provide plenty of content for Tuesday's front pages.

    Headlines cover 'Mrs Brown's Ploys' and Lewis Hamilton's jet.

    See how the UK press have covered the topic here.

  3. Good morningpublished at 06:28 Greenwich Mean Time 7 November 2017

    And welcome to another day of reaction to the latest revelations from the Paradise Papers.

    Last night Panorama revealed another batch of top stories, which means the controversial issue of tax evasion will remain firmly in the spotlight today and for a long time to come.

  4. Paradise Papers live coverage: evening summarypublished at 22:31 Greenwich Mean Time 6 November 2017

    Tim Cook

    We are going to pause our coverage at the end of day two of the Paradise Papers revelations.

    The 13.4m leaked documents have shone a light on the murky offshore financial affairs of hundreds of politicians, multinationals, celebrities and high-net-worth individuals, some of them household names.

    They have also revealed the workings of legal firms, financial institutions and accountants working in the sector and on the jurisdictions that adopt offshore tax rules to attract money.

    Here are today's top stories so far

    And catch up on our top day one stories below

  5. More Paradise Papers news to comepublished at 22:25 Greenwich Mean Time 6 November 2017

    The BBC's Panorama programme, which was one of nearly 100 media organisations to comb through documents in the huge Paradise Papers leak, says there are more revelations to come on Tuesday...

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  6. Labour MPs react to Paradise Paperspublished at 22:10 Greenwich Mean Time 6 November 2017

    The second of the BBC's two special Panorama programmes on the Paradise Papers has just finished, and Labour MPs have been reacting to what the revelations about widespread tax avoidance mean for UK public spending.

    The Conservatives say that since 2010, it has secured almost £160bn through tackling tax evasion and avoidance to go towards public services - although Labour disputes that figure.

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  7. Is Bermuda a tax haven?published at 21:59 Greenwich Mean Time 6 November 2017

    The offshore services company at the heart of the Paradise Papers leak - Appleby - has an office in Bermuda, an island which anti-poverty charity Oxfam has called the world's number one tax haven.

    Tax havens have very low - or zero - tax rates and guarantee secrecy. But the term is hotly disputed - with many people disagreeing about how to define a tax haven, and how many there are.

    For its part, Bermuda says a tax haven hides money, doesn't co-operate with other jurisdictions, and aids terrorism and financial crime - all of which it denies.

    BBC Panorama spoke to a former deputy premier of the British island territory:

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  8. Private jet rules reviewed by Isle of Manpublished at 21:37 Greenwich Mean Time 6 November 2017

    The Paradise Papers documents show that Formula 1 champion Lewis Hamilton reduced his tax bill on the purchase of a private jet by importing it to the Isle of Man.

    Offshore law firm Appleby - from where the bulk of the documents were leaked - has imported luxury jets worth a total of £1.25bn on the Isle of Man, leading to more than £790m in VAT refunds.

    In light of the revelations, the Isle of Man government has invited the UK Treasury to conduct an assessment, external of the practice of importing aircraft into the EU through the island. Speaking to the BBC, Isle of Man Chief Minister Howard Quayle defended the island's VAT rules.

    Media caption,

    Isle of Man Chief Minister Howard Quayle

  9. 'This was not illegal'published at 21:26 Greenwich Mean Time 6 November 2017

    Panorama spoke to the man behind a scheme to help tax evaders

    BBC Panorama
    Investigative TV show

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  10. Watch Panorama livepublished at 21:05 Greenwich Mean Time 6 November 2017

    BBC Panorama

    The second of the BBC's two special Panorama programmes on the Paradise Papers is on now.

    You can watch live on TV or on the BBC iPlayer.

  11. 'Are you a Rangers supporter?'published at 21:03 Greenwich Mean Time 6 November 2017

    That was the question from Dermot Desmond, the largest shareholder in Celtic FC, after he was questioned outside the club's stadium by a BBC reporter.

    Paradise Papers documents suggested the Irish billionaire owned an exclusive private jet company that used an offshore tax haven to avoid taxes.

    The BBC wrote to Mr Desmond five times but he failed to respond to any written inquiries. After he was approached by BBC reporter Mark Daley outside Celtic Park last week, he sent this letter.

    Dermot Desmond letter
  12. Don't miss Panorama tonightpublished at 20:39 Greenwich Mean Time 6 November 2017

    The second of the BBC's two special Panorama programmes on the Paradise Papers airs in 20 minutes on BBC One. You can watch live on TV or on the BBC iPlayer.

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  13. What's behind Apple’s secret tax bolthole?published at 20:38 Greenwich Mean Time 6 November 2017

    We've put together a short video on how Apple picked the Channel Island of Jersey to protect its low-tax regime. Companies set up on the island hold the key to the US tech giant's $252 billion in offshore cash, according to the Paradise Papers documents.

    There is nothing illegal in what Apple has done - it stresses that it remains the world's biggest taxpayer - but its tax arrangements have been criticised by the US and EU authorities

  14. 'Fake and false news' - Lord Gadhiapublished at 20:17 Greenwich Mean Time 6 November 2017

    House of Lords
    Parliament

    A leading investment banker has hit back at the criticism of offshore financial arrangements revealed in the Paradise Papers.

    Speaking in a debate in the House of Lords earlie, Lord Gadhia said millions of UK savers and pensioners benefited from offshore investments. To suggest they are avoiding tax was "fake and false news", he added.

    He claimed that the overseas arrangements "maximise" return to investors and increase revenues to the UK tax authorities, and said that to suggest otherwise was "either financial illiteracy, political populism or lazy journalism".

    Lord Gadhia is a former managing director of private equity firm Blackstone and a board member of UK Financial Investments and UK Government Investments.

  15. Follow the BBC's full Paradise Papers coveragepublished at 20:07 Greenwich Mean Time 6 November 2017

    You can keep up with all of our stories on the huge trove of documents on our dedicated Paradise Papers page.

    BBC
  16. Bono: 'I would be extremely distressed' about tax avoidancepublished at 19:42 Greenwich Mean Time 6 November 2017

    U2 frontman Bono has responded to his name appearing in the Paradise Papers revelations.

    In a statement issued to the BBC, the singer said he would be "extremely distressed" if he was shown to be involved in "anything less than exemplary".

    He said he welcomed the reporting, which shows that a shopping centre in Lithuania, in which he owns a stake, is under investigation for tax irregularities.

    The singer has also repeated his call for registries of businesses based in offshore havens to be made public, so "the press and public can see what governments already know".

    A spokeswoman for Bono said the singer is currently "a passive, minority investor" in the Guernsey company that owns the Lithuanian mall.

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  17. Irish billionaire denies private jet tax schemepublished at 19:28 Greenwich Mean Time 6 November 2017

    Media caption,

    Dermot Desmond questioned outside Celtic Park

    According to the papers, a private jet company owned by Irish billionaire and Celtic shareholder Dermot Desmond used an offshore haven to avoid taxes.

    When the BBC caught up with Mr Desmond outside Celtic Park, he denied using a tax avoidance company.

    "I'm not duty-bound to educate you on how we run our affairs," he told a BBC reporter.

    The businessman, who is the biggest single shareholder in Celtic FC, owned Execujet for eight years until he sold it in 2015.

    The leaked papers reveal that the Swiss-based company asked a law firm to open an Isle of Man company in 2012 to avoid Swiss taxes.

    Read our full story here.

  18. A video paints a thousand words, etc.published at 19:06 Greenwich Mean Time 6 November 2017

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  19. What could Apple get for its offshore cash?published at 18:52 Greenwich Mean Time 6 November 2017

    We've put together a graphic showing what you could buy with the $252 billion the tech firm has offshore. 219 million new iPhones, anyone?

    Apple
  20. Glencore made $45m loan for DRC mining dealpublished at 18:46 Greenwich Mean Time 6 November 2017

    BBCImage source, Getty Images
    Image caption,

    A truck carries rocks at a mine in Lubumbashi, DRC

    The leaked documents also show that one of the world's biggest companies made a $45m (£34.2m) loan to a businessman previously accused of corruption, and asked him to help negotiate a mining deal in the Democratic Republic of Congo.

    The Anglo-Swiss firm Glencore made the loan available to a company controlled by an Israeli billionaire, Dan Gertler, who had a close relationship with advisors to the Congolese government.

    Glencore - which is listed on the UK stock exchange - later bought out Mr Gertler's stake in their shared mining interests for more than $500m. Campaigners say the deal he negotiated cost Congo hundreds of millions of dollars.

    Both he and Glencore deny this and deny any wrongdoing.

    Read our story here: Documents raise questions over African mining deal