The newspaper notes that no inheritance tax is payable on the Queen’s personal estate.
London:
The wealth of Queen Elizabeth II, often considered one of the wealthiest women in the world, remains a secret and her last will and will clearly state how her fortune will be distributed. like after she died in Scotland on Thursday.
The British monarchy brand was valued at around $88 billion by valuation consulting firm Brand Finance in 2017.
Historically, the king’s will has remained private along with other members of the royal family.
‘The Sunday Times Rich List’ calculated the late Queen’s fortune to be £340 million in 2015, with the main source of funds coming from the personal funds of a British monarch, the Principality of Lancaster.
This is the private property of the monarch, which exists purely to provide income for the reigning king: in the financial year ending March 31, it was valued at around £652 million and generated a surplus. net £24 million.
According to ‘The Times’, as it is the inalienable property of the Crown, it will not even appear in the Queen’s will and will simply be transferred from sovereign to sovereign without any payment. any taxes.
The newspaper noted that no inheritance tax was payable on the Queen’s personal estate as a result of an agreement struck in 1993 with the then government led by John Major, in which for the first time the Queen The emperor agrees to pay income tax.
As part of that agreement, it was stipulated that estates from nation to sovereign would be exempt from inheritance tax.
The Treasury Memorandum of Understanding on Royal Taxation, written in 2013, states: “The reasons for not taxing wealth transferred to the sovereign state were followed by private properties such as Sandringham and Balmoral having official as well as private use rights, and the monarchy as an institution requires sufficient private resources to be able to continue to perform its traditional role in national life, and to some extent financially independent of the government of the time.” A court was informed in a legal battle over the will of Princess Margaret, the Queen’s sister, that “the main reason and purpose of the sealing of the will was to be declared.” granting a royal will is to protect the privacy of the sovereign.
Also, for technical legal reasons – because the late king was the source of legal authority – her will does not need to be published like others.
However, many of her assets – palaces, crowns and works of art – are not hers but are assigned to future generations and will simply be passed on to the King. .
Earlier, on Saturday, Queen Elizabeth II’s son and heir King Charles III reaffirmed the tradition of handing over all royal revenue from the Crown to the nation, in exchange for the Owner’s Allowance. the right to cover the costs of the British royal family.
(Except for the title, this story has not been edited by NDTV staff and is published from a collaborative feed.)
