Charles won't pay inheritance tax on what he inherits from the queen..

[justlikethatt]

Are people aware? And think this is OK ?

Come on, lets stick to facts before hurling insults and lies.

The Sovereign Grant Act 2011 came into effect on 1 April 2012. It sets the single grant supporting the monarch’s official business, enabling The Queen to discharge her duties as Head of State. It meets the central staff costs and running expenses of Her Majesty’s official household – including official receptions, investitures and garden parties. It also covers maintenance of the Royal Palaces in England and the cost of travel to carry out royal engagements such as opening buildings and other royal visits. In exchange for this public support, The Queen surrenders the revenue from The Crown Estate to the government. Over the last ten years, the revenue paid to the Exchequer is £3 billion for public spending. The Sovereign Grant for 2022-23 is £86.3 million, the same as in 2021-22. While the net revenue surplus for The Crown Estate fell in 2020-21 due to the impact of Covid, the Sovereign Grant Act 2011 includes a mechanism to keep the Grant at the same level as previous year in such circumstances. Where the Grant would reduce, the previous year’s amount should be paid

As you can see, over the last 10 years, £3 billion - thats £3,000,000,000has been paid by the Queen to the Chancellor. You could almost say thats a tax on income. In return, the Queen received £86 million a year - which totals £860,000,000 over 10 years. You can safely say that she came out of that on the losing side.

This. Then people will be on here moaning that they can't pay their bills. But they put up with the elites hoarding everything.

No. If the estate is exempt - which it is because it’s the estate of the sovereign - there is no IHT to be paid. By anyone.

@Mamajunebugjones

Yes! Had you really not looked before commenting?

Here is the link Royal Collection Searchable

It tells you about all the pieces and where they are currently. How do you think magazines come up with those pieces about the Queen’s art collection. There is a brilliant team of art historians and conservationists working for the RF who look after it all.

@Blossomtoes

Tye article I read said it was just Charles who was exempt. Everyone else pays the tax.

You’re missing the point. I’ve explained it three times.

Oh well, even if he did have to pay Inheritance Tax I'm sure some of his kingly mates in the Middle East could help him out with a few bags of cash in the back door of Highgrove.

The Tower - been there
Hampton Court - been there
Kensington Palace - been there
Buckingham Palace - been there
Osborne House - been there (english heritage)
Holyroodhouse Palace - been there
Castle of Mey - been there
Windsor Castle - been there

Kew Gardens not been there. Yet.

I love the queen's houses. Thanks queenie. ❤

Thats not down to Charles though is it?!
Pick your battles, i.e those doing bugger all about the energy companies profits!

Yes @Blossomtoes and I am telling you that you are wrong.

‘It is most likely that the Queen will give her wealth to Prince Charles as her immediate successor to the Throne and therefore her assets will be free from Inheritance Tax. If however, the Queen chooses to leave any part of her estate to her other children or relative, Inheritance Tax will be payable.’

It really doesn’t. The estate pays the tax, not the beneficiaries. You don’t understand how IHT works.

Seeing as at least one PP here has stated that their parents have organised their financial affairs to ensure no IHT will be paid on their estate, its clear that the rules are there for anyone to exploit if they have the desire to do so. I’m sure there are thousands if not millions of people who have managed to do the same thing.

There is a special arrangement for sovereign to sovereign wealth transfer because they are essentially locked assets belonging to the sovereign in their role but not technically part of the crown estate.

It is more complex than other IHT situations so not as straightforward as the estate as a whole not paying IHT.

I'm fine with it. X

@Blossomtoes

Did you draw up the IHT agreement between the government and the Queen?

The below an article from the government website.

1.10 In relation to assets which can properly be regarded as private, the arrangements provide that inheritance tax will not be paid on gifts or bequests from one Sovereign to the next, but will be payable on gifts and bequests to anyone else.Tax will also not be payable on assets passing to the Sovereign on the death of a consort of a former Sovereign. The reasons for not taxing assets passing to the next Sovereign are that private assets such as Sandringham and Balmoral have official as well as private use, and that the Monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life, and to have a degree of financial independence from the Government of the day.

IHT for sovereign to sovereign inheritance has a specific exemption, agreed with the government in 1993. Details are readily available with a Google search.

Let's remember - the Queen has only paid taxes since 1992! She came under pressure and then 'volunteered' 😂to pay taxes. (How many of us has the option to 'volunteer' our taxes!
I totally care about their wills being secret. I totally care about their inheritance tax scam.
We are being played for fools (some in this thread clearly willingly).

I want a thriving NHS. I want thriving Public Services - police, prison service, schools etc. I'm heavily sick of paying to keep these multi millionaires in splendour - with so called 'jobs' for life for themselves and their offspring (and siblings, cousins, nieces, nephews, etc)

Is that still true though, the threshold has been frozen for quite a while now, it's £325K unless you're passing on a house to your children when it increases to £500k. I paid a fair whack just before they raised the threshold for passing on homes when my father died, if DH and I dropped down dead tomorrow my kids would have to pay as our house is above the threshold and it's really not particularly big, just in SE England. We are definitely not in the top 4%.

This is what I found.

It is most likely that the Queen will give her wealth to Prince Charles as her immediate successor to the Throne and therefore her assets will be free from Inheritance Tax. If however, the Queen chooses to leave any part of her estate to her other children or relative, Inheritance Tax will be payable.

Why is Monarchy to be exempt from Inheritance Tax?

The reasons the Monarch has been exempt from paying Inheritance Tax is to safeguard the erosion of the Sovereign’s wealth. The Monarch doesn’t work or trade to ‘grow’ their estate as a normal individual would during their lifetime and if the Monarch’s estate was repeatedly subjected to Inheritance Tax then their wealth would deplete dramatically.

@StoneofDestiny

That’s not remotely true. Where did you get that information?

Oop, snap, Sophie. Sorry.

There you go @wonderstuff.

www.gov.uk/government/statistics/inheritance-tax-statistics-commentary/inheritance-tax-statistics-commentary

@StoneofDestiny

Try reading this. It will help you understand that what you said is bullshit.

Royal Taxation

Great minds @MarshaMelrose !

I wish more people actually understood what they were talking about or at least checked first!

I want a thriving NHS. I want thriving Public Services - police, prison service, schools etc.

So do I. You’re ranting about the wrong people. Blame this shameful excuse for a government that gave billions to its mates and refuses to tax the obscene energy providers’ profits. Any IHT the monarchy might be liable for is chickenfeed by comparison.