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.

And why use overblown language and insult people who have a different opinion to yours @WhatHoJeeves?

And why use overblown language and insult people who have a different opinion to yours

To counter the extremism of the OP?

@Plantstrees

Apologies. Should have realised from your earlier posts that you're one of those.

The Panama Papers were just the media stirring up trouble - nothing much came of it because most people weren't doing anything wrong.
😂😂

"extremism" because you don't agree with them? Our new king WILL be paying 0% inheritance tax on £100+ million estate - factually correct

"extremism" because you don't agree with them? Our new king WILL be paying 0% inheritance tax on £100+ million estate - factually correct

And I couldn't care less.

Must have missed the bit where the OP is calling for a holy war on Royals ?

So KC has inherited nothing at all from his mothers passing, that he can use for his own benefit, the Duchy of Lancaster estate is purely used for sovereign duties etc ?

The only reason there is no IHT to pay is because the establishment said so.

Must have missed the bit where the OP is calling for a holy war on Royals ?

Me too 😊

Just as I don’t take the view of a couple of right wing racists seriously.

@Plantstrees

Actually, I shouldn't have responded that way. It was rude and goady. What I should have done is ask if you can explain to me what in the article isn't factual? Re-linking it for ease.

www.nytimes.com/2022/09/13/world/europe/king-charles-wealth.html?smtyp=cur&smid=tw-nytimes

It’s his to use, but it doesn’t belong to him.

4% is 2.7m of the current British population.

That’s not bugger all.

I understand, and to some extent support, a sovereign not paying tax on the crown estate. It’s a business, it brings a lot to the UK in my opinion, and if we have a monarchy we have to fund one AND it should be protected from incompetent/malicious/mentally incapacitated monarchs (which are always a possibility) As said, if he can’t dispose of it, he shouldn’t be taxed on it. But I also understand that he will not be paying tax on The Queen’s private assets (and by extension, Prince Phillips’) which is not fair. I wonder if many people understand that ALL their wealth isn’t ‘public’, and that they have pretty vast private wealth, too.

There are plenty of other people who also don’t pay inheritance tax.

The Marquis of Westminster, Hugh Grosvenor, inherited £9 billion in 2016 but because it was all passed through trust he didn’t have to pay anything. Meanwhile my lovely mum died in an accident on holiday at the same time as his father did and I had to pay. I remember feeling then it was very unfair…

I believe farmers can pass on their farms to their children without them being subject to inheritance tax. I suppose the reason it that it's impractical and undesirable to subdivide a farm ( to pay the inheritance tax) once each generation.

I guess we could look at the royal family the same way, the family wealth exists to maintain the family, and we don't want the size of the pot to decline with time, because it needs to do its job forever.

Whether or not people agree with this argument, pointing out that farmers are exempt does show exemption from inheritance tax is not only for the royal family.

I had to pay some inheritance tax for my mum when she died.
She was certainly not wealthy but had worked bloody hard for a charity all her working life and owned her house.
We live in the SE so her house was over the threshold allowed at the time for a single person. you certainly don’t need to be wealthy to be liable, especially if you live here.

I guess we could look at the royal family the same way, the family wealth exists to maintain the family, and we don't want the size of the pot to decline with time, because it needs to do its job forever.

Thats exactly what the Duchy's and Crown Estates are for.

But the private assets are separate to that and no justification for them having special terms. Your point is answers by the other income streams.

There are a few comments on this thread about them having enough to do 'their job'.

So what's enough? New outfits all the time, new car, helicopter on tap to visit people? I expect they get given a lot for free - is this donated to charities? I believe there is a list but us it everything they get?

In 2022, is it really acceptable to have multiple houses and staff? When people say they are 'working' this is a very different 'working' to the majority of the population.

haha if ever I wished for a like button, it would be for this 😂. I'm now an extremist hahah. This mini AIBU poll would suggest otherwise.
@walkingonsunshinekat @WhatHoJeeves

We need a separate question to discuss the 0% tax being paid by the king as a private individual on the late Queen’s personal £500 million fortune, (estimated because we are not allowed to know, and will never be told).

The crown estates are a separate entity and a red herring.

They can but not all tax free, some notable exceptions and cash is taxed, as are quotas, machinery, animals, derelict buildings & stored crops.

Funnily enough, considering her love of horse racing, stud farms are all outside of IHT.

The Royals have no such liabilities and legally avoid all tax on inheritances inc cash assets.

The bulk of most people in the UK’s estates comes from capital gains on their main residence (house price rises), one of the few capital gains that is untaxed, so no, your estate is not made up of money from taxed income and taxed investment. It’s mostly untaxed income.

But you don't have blue blood, you are a subject. You are not as good as them, that's how they see it. If you disagree well, what can ya do?

It is compared with the other 96%.

No holy war from me. They are dinosaurs and should not be here. The Queen was the last.
No more of this overprivileged nonsense please.
Charles is King. He has made sure of that moving very quickly after the death; didn't anyone notice how swift the transition was?
Let him have it then. Be King but only in name. No more vast wealth when people in his Islands are homeless and starving

The house would presumably have been worth in excess of £500k. That's still quite a windfall, even if you aren't jumping into pools of money like Scrooge McDuck. Hers was still an asset wealthy estate.

I said earlier that I'd prefer to see IHT replaced by CGT.