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

[justlikethatt]

Are people aware? And think this is OK ?

This. We've been executors. Had to go through the whole house sort out donate, bin, and valuable items had to be treated separately. The sentiments value of these items was enormous. HMRC wanted to know the ££ value. Very distasteful. These items went to auction. I know that the family bid on a few items.

Personally I wanted to hide things from the HMRC but I couldn't.

No one on this thread has the first clue what they are talking about. You can tell because someone has already rolled out that trite Republican lie ‘we pay for them from our taxes’.

Read up on how the sovereign grant works. And also understand that Charles (as the new monarch is not paying taxes as he would technically be paying them to himself). Inheritance tax was invented as a way for the crown to penalise disloyalty from peers of the realm. It is His Majesty’s Treasure.

Maybe also read up on the origins of aThe Civil List Act of 1760. The monarch surrenders all their income to pay for the running of the government, including the treasury and the royal household. So the money from the crown estates are funding the running of government departments but not necessarily their spending, plus the upkeep and staffing on the entire ‘estate’ which includes all of St. James in London, including Regent Street.

You can search all assets here. It is quite open to scrutiny. This includes a whole tranch of wind farms off the coast of Britain to develop renewables.

Crown Estate Assets

This is essentially owned and run on behalf of the country and to pay for the cost of the government. We would essentially be taxing ourselves. Would you really want to sell off national assets at our expense to force him to pay the tax. You can only sell these things once. That is the first rule of good estate management.

Whether you feel that inheritance tax is unfair or not is kind of beside the point.

Aside from the Crown Estate... the Queen had some £500,000,0000 of personal wealth (eg Balmoral, Sandringham, other assets and works of art)... that's all exempt from inheritance tax too.a

And for the people saying he would be paying it to himself, that's bonkers.
Loafs of things are done or received in the name of HM but the monarch isn't personally doing or receiving these things.

So, yes, tax is all collected in the name of HM. However, it would be spent on public services (like education and the NHS). Nobody is suggesting that the tax paid would get added onto the Sovereign grant.

The queen voluntarily paid income tax (after public pressure), she didn't get it refunded back to her after she had paid it.

Neither would l pay it if l didn't have to!

That should read His Majesty’s Treasury.

inews.co.uk/news/queen-wealth-what-happens-fortunte-charles-inherits-private-estate-1845657

I'm not suggesting that the Crown Estate be sold off to pay IHT.

I do think he should pay IHT on the personal wealth that he is going to inherit.
In any case, I suspect he's probably got enough cash and investments to pay IHT without having to sell a faberge egg.

I'm certain he won't be anywhere near destitute as a result of having to pay tax like his subjects do.

The situation of him paying IHT is not any different from him paying income tax.

Aside from the Crown Estate... the Queen had some £500,000,0000 of personal wealth (eg Balmoral, Sandringham, other assets and works of art)... that's all exempt from inheritance tax too

Where does this figure come from? According to the Rich List her net wealth is valued at £350 million.

It’s amazing that you pay inheritance tax, seeing as IHT is paid by the executor from the estate of a deceased person. You’re clearly not dead, so you haven’t paid any IHT.
If someone you know who’s died had to have IHT paid from their estate, then they’d have had to leave a considerable amount of money to their beneficiaries wouldn’t you say?

Half a billion? Cool. I like the King has so much. Who wants a poor king? What's the point of that?

And nobody has been held to account for spending 37 billion on track and trace. And nobody has been held accountable for the entirely avoidable issuing of £4bn fraudulent "bounce back" loans.

I remember reading about the royal Faberge egg collection going on display for us plebs to see (yes I am not a royalist in the present form of the monarchy).

Not sure why I was astounded that the RF owned such treasures! The items were beautiful and if great historical value too.

There have been some reasonable arguments here in this thread about no inheritance tax being paid on the PRIVATE estate of the Queen inherited by King (!) Charles.

However - I don’t think their wills should be kept private- they should be treated as other people’s wills.

Where no inheritance tax is paid- those valuables and properties should be accessible to us plebs.

For example- catalogue all paintings owned privately by the now King and organise them to be displayed in a royal palace such as Balmoral.

All costs funded by us - the government but we get to keep proceeds too.

Now think how much money that would raise from tourism!

Okay @VivX but Charles won’t be the only one inheriting, will he. Everyone else, except him as the monarch, will pay inheritance tax in the same way everyone else does.

Charles won’t get all her wealth but will probably retain Balmoral and Sandringham, as is tradition. Those estates and their maintenance are done privately and I believe there is some sort of deal whereby the monarch uses them as a private residence but doesn’t pay tax on them because it save the government having to shell out for a Summer residence for the head of state.

Strangely, these things are quite complicated when you are both the head of state and the owner (but only in a life interest kind of a way). Ot is very much not in any way like paying IHT on your Aunt Maud’s house because you could and will sell it for profit. Charles cannot do that with any of his assists. This is partly why is is so hard to estimate his net worth.

Valuations vary depending on the source. I went for the middle one.
In any case, even if it is only £350,000,000 that's still an awful lot of money to be exempt from IHT.

Everyone else, except him as the monarch, will pay inheritance tax in the same way everyone else does

I don’t think that’s true. It’s the estate that’s exempt, not the beneficiaries. So, no IHT on any of it.

@Mamajunebugjones

Haven’t you ever been to the gallery at Buckingham Palace? It was specifically set up to show off the royal collection.

The tricky part of the royal collection is that some of it was bought by kings and queens from ‘family money’ (people forget that their spouses brought in their own wealth) and some were gifts to the crown from other countries.

Maybe read yo about the royal collection. They loan a lot out to museums. You can look on their website. It is all there- apart from some of the private pieces.

Just because you didn’t know about it doesn’t mean it doesn’t exist.

I think I read that only the sovereign is exempt from IHT. All others are not exempt.

This so reminds me of the thread where people weren’t aware that almost all of the crown estate is open to the public- the Tower, Hampton Court, Kew Gardens, Osbourne House etc.

Let’s stop pretending it is all hidden away. You can even visit Buckingham Palace in the Summer when it is not in official use for state visits and royal business

only the sovereign is exempt from IHT. All others are not exempt.

I thought we were talking about the sovereign’s estate? You do know it’s the estate that pays IHT, not the beneficiaries, don’t you?

Here is the link to the Queen’s Gallery and what is currently being displayed. Queen’s Gallery

That’s really interesting- I will read up about it.
Is there a catalogue then- of all the paintings owned privately and by the crown? Understand it might get complicated at points. What about other really high value items - like the Faberge eggs? Can we get to see those too?

"King Charles formally surrendered all hereditary revenues, including the crown estate, to the United Kingdom government at a ceremony at St. James's Palace on Saturday"

Glad to hear it, because strictly speaking that surrender is voluntary and it would have created an interesting situation if he'd refused

Not that he'd need to, because what's been done with the Sovereign Grant means he's quids in anyway

Yeah but the result is the same isn't it.. what comes out of it for the beneficiaries is what matters...

@Blossomtoes

So the OPs title is wrong. Charles is the only one exempt. Everyone else who inherits from her estate has to pay the IHT. It was deemed inappropriate for him to have to sell what amounts to national assets to pay a tax bill, which would then decrease the revenue paid to the treasury from the estate next year- you can only sell it once.

How morbid that you even care. He’s lost his mother