Paradise Papers shine on the world's rich

The Paradise Papers have put a spotlight on the tax affairs of the world's rich and powerful and feature some high profile players including the Queen.

* What information has been released?

The Paradise Papers is a database comprising around 13.4 million documents detailing the tax affairs of some of the wealthiest people and companies on the planet.

The majority of the data comes from papers leaked by Appleby, a Bermuda-based law firm specialising in offshore accounts.

Nearly 100 media organisations were involved in sifting through the tranche of files, which were obtained by the German newspaper Suddeutsche Zeitung and shared with International Consortium of Investigative Journalists (ICIJ).

Their importance is underlined by the sheer profile of those included within them.

* Where has this data come from?

Much of the new trove of files includes bank statements, emails and loan agreements from Appleby, a firm which helps clients set up in overseas jurisdictions with low or zero tax rates.

Appleby responded to the leak on Sunday, saying there's "no evidence" that it has done anything wrong.

Other records came from Asiaciti Trust, a family-run offshore specialist based In Singapore, and from 19 corporate registries maintained by governments in jurisdictions that draw the wealthy seeking privacy.

* Who has been named in the documents?

International companies such as Nike and Apple feature prominently in the list, highlighted for their alleged use of aggressive tax avoidance schemes.

The ICIJ reported that Silicon Valley investor and Russian citizen Yuri Milner received $US191 million ($A267 million) from VTB Bank, and invested that money in Twitter.

The leaked records also show that a financial subsidiary of Russian energy company Gazprom - official partner of the Champions League - funded a shell company that invested in a Milner-affiliated company that held roughly $US1 billion in Facebook shares shortly before its 2012 initial public offering.

The papers also question whether Everton football club has broken Premier League rules over ownership.

But perhaps the biggest name to emerge from the list is the head of the British monarchy. According to reports, around PS10 million ($A20 million) from the Queen's private fund was paid into funds in the Cayman Islands and Bermuda between 2004 and 2005. A small part of the cash was traced to a lender which has previously been criticised for ripping off poor customers.

"All of our investments are fully audited and legitimate," a spokesman for the estate said.

* What is the difference between tax avoidance and tax evasion?

Tax avoidance involves companies and people using legal ways and following the rules to reduce their tax bill, which on a small scale can include using a tax-free ISA to save money.

In contrast, tax evasion is an offence and involves illegal ways of paying less tax than required.

The papers claim major global companies have exploited offshore schemes to avoid tax.

* What happens next?

Much like the Panama Papers revelations from the Paradise Papers will likely dominate international news for days to come.

In addition to the initial cache of data released on Sunday night, the ICIJ has promised further information will be made public throughout the week.