A billionaire backer of Donald Trump is at the centre of a network of offshore companies named in the so-called 'Paradise Papers', it was claimed today.
Hedge fund boss Robert Mercer was closely linked to Steve Bannon, the former White House chief strategist who was instrumental in Donald Trump's election campaign.
It was reported today that a web of organisations he is involved in are clients of Appleby, the Bermudan law firm put under the spotlight by the leak of thousands of documents relating to off-shore tax activities.
Organisations run by Trump-backing hedge fund boss Robert Mercer have been named in the so-called Paradise Papers which document tax avoiding schemes in Bermuda
Mercer's charitable foundation has legally avoided paying millions of dollars of tax on its investment profits by moving money through Bermuda, The Guardian reported today.
Members of the $475m retirement fund of Mercer's hedge fund, Renaissance Technologies, are also said to have legally avoided tax using funds in Bermuda which allow them to pay tax on the money going into the fund rather than coming out.
The organisations are said to have avoided paying the U.S.'s little-known Unrelated Business Income Tax (UBIT), which is aimed at preventing non-profit organisations competing