Our NEW KING paying 0% inheritance tax on £100 million estate

[bluejay5]

Am I right in thinking this is unreasonable? While the rest of us commoners are taxed to within an inch of our lives, struggling to heat our homes. A few select individuals who are innately better than any of us towns folk get to keep their wealth and see their generations become richer and richer.
Don't get me wrong I understand the need to pay taxes, to keep us in a usable society and country. They tax our income, any profit we make from any business we take the risk of setting up, our council taxes us, if we receive a dividend from any smart investment we make, if we decide to buy a new house with money that was already taxed, they tax us again ..

And finally to top it all off, after being taxed all our working lives we decided to try and build some generational wealth and help out our offspring, and even in death they tax us... on property and money that was already taxed!!!

Yet a few individuals through no skills, or talent of their own, just by virtue of their birth are deemed to be literally innately better to a point where they are exempt from the rules we live under.

Please make it make sense???

Apparently, the monarchy is exempt from income tax in order to protect the wealth of the royal family from being eroded!
While the rest of us fight for survival like crabs in a barrel.

Plus anyone heard of the ''panama papers the queen''
google it ...

this Society has class baked into it. We aren't meant to move up or aspire for greater things. It's a rigged system, you can't tell me it's not.

Sorry, rant over.

How much personal wealth did the Queen have?

If you are going to be angry about something or protest, at least make the effort to think beyond the latest headline. As others said, a monarch cannot sell his/her palaces to retire to the Costa del Sol.

Maybe question why the country is in a mess? Why health people were locked up at home for two years and £450bn was printed to pay for the lockdown disaster. Or maybe why for 25 years, govts refused to invest in nuclear power, leaving us with an energy crisis. Or why we continue to import cheap labour rather than raise the minimum wage and grow productivity through encouraging companies to invest. But never mind all that, it’s too much like hard work to think beyond the what you see when you switch on the tv today.

It's a unique situation and it's not straight forward.

Her heirs should pay inheritance tax but I understand why you wouldn't pay it whilst handing over tools for the job.
Apparently he's actually lost a form of income?

Actually, I’ve just read that he is exempt from paying any kind of inheritance tax, due a law passed some 19 years ago. Well, there you go. As fair as it can be!

It is just the King, and it is the law. Other people who may inherit will have to pay the tax.
I think there is a general misunderstanding about how the royal family is financed. They are financed from their own holdings (as PP stated, the grants is currently 25% and I believe this will be reduced once the work on Buckingham Palace is completed in 2025).
It is complicated but they bring in far far more than they cost.
The Queen did and now King will pay income tax on personal income, as well as capital gains and VAT.

It is clear that there is no appetite for a Republic. The sheer numbers of people that are attending, the response to her death ... Sorry but people need to accept we have a king

As dissenting voices are being silenced (or arrested) I don't think you can say there is no appetite for a republic. If the royalists are so sure of that then they should support a referendum and let the public decide!

(Obviously not now, because people are too 'upset' )

This is from the Daily Express.

(Not known for its left wing views)

www.express.co.uk/news/royal/1667705/King-Charles-III-news-inheritance-tax-Queen-death-royal-family-updates

"They are not sold to provide income or capital for the personal use of the Queen and pass from one Sovereign to the next.
"The official residences, the Royal Archives, the Royal Collection of paintings and other works of art and other assets held by the Queen in right of the Crown fall into this category.
"It would clearly be inappropriate for inheritance tax to be paid in respect of such assets."
But the King will also be exempt from the tax when it comes to private assets

This is because "the Monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life".
The Government also says the King is exempt from inheritance tax in order to preserve "a degree of financial independence from the Government of the day."
However, anyone other than King Charles who has inherited private assets from the Queen will have to pay inheritance tax.
The Government outlines: "In relation to assets which can properly be regarded as private, the arrangements provide that inheritance tax will not be paid on gifts of bequests from one sovereign to the next, but will be payable on gifts and bequests to anyone else.

....................................................................................................................................

So according to the Government, he is exempt because he can maintain independence from the Government....

We’ve heard multiple stories about how prime ministers, foreign leaders etc were entertained at balmoral by the queen. They’re used for their job.

obviously many of the palaces they live in belong to us anyway. As we expect them to work for us (and they do) I am not bothered about them keeping their private palaces.

They do pay lots of other taxes. But I’m not bothered about iht given their circumstances.

Well that's ok then

Because he's the King and that's the law

#notmyking

Pretty much no one pays IHT. It's only due on estates of over £500k (£1m if belonging to a married couple, or a widower thereof), so if you are liable for IHT then you must be pretty rich yourself OP. Those with larger estates (such as the Duke of Westminster) will have other ways of avoiding the tax.

So people can't be angry about this because there are other things to be angry about?

It's quite clear that some people on here would sell their own mothers if the monarch requested it. How can people be so content to be kept in place and by laws which benefit the rich all the while keeping the middle and working classes in place.
Now is the perfect time to discuss the 'ROYALS' and the almost God-like pedestal they're put on. They're not mucking in like the rest of us, yet people won't have a bad word said against them or even discussed.
Also if this has been discussed before then you don't need to reply to the thread. Imagine taking the time to type a reply to something because you don't want people to reply...

anyway please google
panama papers the queen

or

news.sky.com/story/why-king-charles-wont-have-to-pay-inheritance-tax-on-duchy-of-lancaster-estate-12695884

You can hardly call a couple of lefty loons who protest for a living and have never seen the inside of a shower cubicle, representatives of people’s views.

He can't exactly sell it on though so it's not like he's making much on it.

4% of deaths result in IHT being paid

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

IHT receipts received by HMRC during the financial year 2021 to 2022 were £6.1 billion. This was an increase of 14% (£729 million) on the financial year 2020 to 2021, and is the largest single-year rise in IHT receipts since the 2015 to 2016 financial year, when receipts rose by 22% (£848 million)

Just wait till the Coronation

#notmyking

@bluejay5 did you do any research on this before you posted?

We've had a hundred threads about this in the last week which all go the same way. People being shouty capitals incensed by it, and people explaining they've gotten the facts wrong. It's tiresome.

Yes I completely agree. My aunt worked all her life in the same job, paid her taxes. She also inherited money from her brother, inheritance tax was paid on that. Aunt has now passed away and has to pay inheritance tax at 40%.

YABU. He effectively pays 70% tax. All the land etc belongs to the crown and the vast majority of the crown estates income goes to the public purse. How do people still not understand this?

I call BS on OP not knowing about the process. It's just goading now which they knew and that's why they NCd (or opened an account)

@SavingsThreads people taking the time to comment on threads that they personally find tiresome is one of the many mysteries of Mumsnet. You are not obliged to comment on everything you see, just move on.

Don't open them then...there problem solved.

Selected wills are sealed too, in the interests of "upholding the dignity of the crown"..... It's astonishing what they're allowed to get away with.

I think the problem is that it that it isn't transparent enough.

I can accept that many of the buildings etc belong to the state however do we really need to provide and pay for so much. Where is the 'skimmed down monarchy'.

My understanding is that the RF 'voluntarily' pay tax on things like the Duchy estate. It should not be voluntary three should be treated the same as you and I.

They don't want the assets to be depleted however they must have increased in value massively since 1993. These are people that would struggle to get high powered jobs imo none of them are particularly academic.

This 'they bring xyz in revenue is an interesting argument because I do think our history would continue to bring tourists and I don't think you can say that 'they' bring all this money, part of it but it's the history that brings that.

If Charles was serious about slimming down the monarchy he would be reducing what they use, the number of properties etc.

That’s incorrect, it’s 40% on assets over £325k or £500k if you’re married.