After the death of Elizabeth II, her son became not only the king, but also a very rich man: one proviso will be applied to inherited wealth

There is a legal clause that exempted the Queen Elizabeth II from the inheritance tax for the property left by the mother. This condition will also apply to Charles III, who will inherit a large part of his mother’s personal wealth.

After the death of the queen, the eldest son became not only the king, but also a very rich man.

The British royal family has amassed a variety of private wealth with roots dating back to the Middle Ages. a certain percentage of the taxpayers’ money collected from the Sovereign Grant goes to the royal family. A fixed percentage of 15 was originally agreed upon, but the monarchs were later given a share of 25 percent. Paying taxes to monarchs is largely a voluntary matter.

As mentioned, the king’s main source of public income is the taxpayers’ fund “Sovereign Grant”, as well as “The crown estate” (land and estates belonging to the monarchy, but not to the individual monarch), 15 billion. value of commercial property, real estate, investments, etc.

2021-2022 The Sovereign Grant Fund had 86.3 million. pounds; of which 52 million pounds were spent on travel, the salaries of 500 royal staff, as well as Buckingham Palace, Windsor Castle, Clarence Palace, St. For the upkeep of James’s Palace, Kensington Palace, the Royal Stables at Molborough and the Royal Stables at Hampton Palace.

There is no inheritance tax

The private expenses of the Queen and members of her family are paid for out of a separate income derived from the Duchy of Lancaster. They are called Privy Purses. It is from the 14th century. a portfolio of properties and assets held in trust, the income from which goes to the Queen. 2020-2021 the value of the lands was 600 million pounds, and real estate – 22.3 million. pounds.

The size of Elizabeth II’s private personal property is more than 350 million. pounds, including Sandrigham Palace and Balmoral Castle. If much of her wealth goes to King Charles, as is believed, he will not have to pay inheritance tax.

Gifts to the monarch are tax-free, but gifts to the queen’s other children or any other persons will be taxed.

By the way, members of the royal family do not pay for their own holidays. For example, the treasury allocated an additional 28 million for the Queen’s platinum jubilee. pound payout, most of which went towards the four-day celebrations in London.

A monarch’s will does not require official confirmation

No one will know exactly what is written in the will, because the ruler’s will is the only one in the kingdom that does not require official confirmation.

The Sovereign Grant Fund has been tax-free since 1993. the queen voluntarily paid income tax from the county of Lancaster. King Charles has not yet confirmed that he will continue this tradition.
As heir to the throne, Prince William, his wife and children will now receive income from the Duchy of Cornwall, which is worth £1 billion. pounds, as well as from various investments.

Dukes of Sussex

The Dukes of Sussex, who stepped down as senior royals and moved to California, now live off their talents, etc., for example, they got $20 million for a book deal. pounds. By the way, Harry and Meghan 100 million dollar agreement with the Internet broadcaster Netflix, which will pay them for the production of documentaries, series, feature films, programs for children.

In conclusion, it can be said that King Charles III, who will take the throne at a time when various crises have hit the world, will undoubtedly watch his expenses more closely, many are curious about how he will use the palace and private residences, what benefits other members of the royal family will receive.

Any manager will tell you that the greatest value in any business is stability; the death of the queen cannot but cause instability, on the other hand, with Charles III on the throne, the income of the Firm (as the British royal family is sometimes called) is at least guaranteed.

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