it's clearly not a Schwinn paramount, and I don't think it's even trying to fake it, nobody is going to think with those graphics that it came out of Chicago.
It is an interesting bike with what looks like nice Prugnat lugs and a nice forkcrown. (edit: or those could be Oscar Egg lugs, but in either case I think they've been customized)
Based on the crown I'd say it either uses Reynolds "Continental" style blades or it's not British at all...but the rest of the kit sure looks "Brit", enough.