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.

as someone who works in the field I would totally agree. I recently bought a property. The previous owner was a wealthy man who made a capital gain on house
price inflation that was vast. Hundreds and hundreds of thousands of pounds. Totally untaxed.

It would be nice if the OP knew what The King had inherited of his own and a few more facts like income and total tax.
Most of the land and buildings belong to us, and we have not maintained them. Buck House is about as bad as the Houses of Parliament.
Most of Duchy of whatsit goes to Crown and he gets a pension or stipend or wage.

YANBU. Scrap the whole fucking lot of them.

What is ‘crown’, that ‘most of Duchy of Cornwall and Duchy of Lancaster’ is ‘going to’? Do you mean the crown estates? No. The royal family get to keep the income from both of the duchies, the crown estates (which belong to us) don’t get a look in, and guess what, the duchies don’t pay corporation tax like normal businesses. Great, eh?

I’d very much like to know ‘what the king had inherited of his own’ but we aren’t going to find out because the royal family get to keep their wills secret. Why is that, do you think? It couldn’t be because they don’t want us to know how very rich they are, could it? Especially when they are grabbing > £100m in sovereign grant this year?

@Wallow

I have no problem explaining what is wrong with the article but I don't want to spend my whole evening typing so here is one example from all the horribly misleading statements in the article:

"...to develop further without having to pay corporate taxes."

"..It has done so without paying corporation taxes."

It infers (no doubt intentionally) that the Duke does not pay tax on the Estate which of course he does.

The Duchy of Cornwall is not a company, its a personal Estate so why would it be liable to Corporation Tax? Instead, the Duke of Cornwall is personally liable to higher-rate income tax on the surplus made by the Estate, the rates for which are more than double the Corporation Tax rate!

This is an extract from the Duchy website for you:

"Does the Duchy pay corporation tax?

The Duchy of Cornwall estate is not a corporation and therefore not subject to Corporation tax. However, The Prince does pays income tax on the Duchy’s surplus. If the Duchy also paid corporation tax, the Prince would effectively be taxed twice on the same income. Only companies pay corporation tax; many other large organisations which are not companies pay income tax."

He can't sell any of it, and gives a massive proportion of profits to the Treasury so it wouldn't make sense to pay IHT like a 'normal' rich person anyway

I believe that a high proportion of the Queen's private wealth is jewellery. The collection would be very unique and difficult to value so all anyone can do is speculate.

The properies at Balmoral and Sandringham would probably qualify for zero Inheritance Tax anyway as they are farms and the houses, at least in part, are open to the public so would gain further exemptions.

None of us should have to pay it, we pay tax all our life, what we choose to do with our properties or savings after death, should not be taxed again. X

Since when has Charles given a ‘massive proportion’ of the profits of the duchy of Cornwall to the Treasury? What % are you claiming that he is handing over?

He pays higher-rate income tax on the profits - 45%. Is that enough for you?

Not really, e.g 100m profit, gets to keep 55million, poor thing.

Feel sorry for the staff made redundant during the church service for the Queen, i think that shows exactly what sort of person he is.

OK so he’s not ‘giving’ money to the treasury is he? He’s paying tax like, er, everyone else. How selfless of our sovereign!

How do you know that he’s paying 45%? Did you know that despite reluctantly paying tax they get to negotiate the rates at which they pay? Have you seen his personal tax return from his ‘personal estate’ (and there are many arguments that those duchies are not their personal property at all)? Of course not, because like everything to do with royal finances, it’s shrouded in mystery.

It how it works.

Remember that especially when ever you hear a politician saying we 'can't afford' to house the homeless or feed the hungry.

@Iamthewombat It is public knowledge and on record that he pays 45% on his income. I think it is recorded in Hansard but am not going to find hours searching for it.

@Iamthewombat The Duchy accounts are also in the public domain and available to anyone on their website if care to look. No mystery involved.

Oh well, if it is public knowledge that Charles pays tax at 45% then it must be true, eh? How did the public acquire that knowledge? They can’t, because the evidence isn’t available to view.

Re the Duchy of Cornwall accounts: would it surprise you to learn that I am a chartered accountant and finance director? Thus well qualified to look at annual reports, having had many years’ experience of sticking them together and reviewing them. Have you looked at the 2022 ‘integrated annual report’? I have. Show me the tax line in the group revenue statement. Oh, you can’t. Because the tax payable by this ‘private estate’ isn’t mentioned in the P&L account. That is what I’d call a mystery.

The ‘trade and other payables’ note gives a liability of £0.3m for ‘Social security and other taxes’. When you strip out PAYE and NI for employees, which is always paid in arrears, it doesn’t leave much for other taxes, does it? On revenue of 45m and a ‘surplus’ of £25m?

You can see from the group cash flow statement that ‘HRH’ (the accounts actually call him that) managed to extract £21m for the year to 31 March 2022 and £20.2m for the previous year. Not bad, eh?

If you really are a Chartered Accountant you should understand that the accounts for an Estate or any other unicorporated entity never show the owner's private income tax liability! Only Corporate accounts will do that.

Public knowledge just means that the information is in the public domain - not that everyone has it in their possession. You really are being obtuse. I said that the tax rate was declared in Hansard, not in the accounts where it would not be appropriate.

Make your mind up. On the subject of tax, you claimed that Prince Charles’ tax liabilities relating to the Duchy of Cornwall were not a mystery because anyone could look at the accounts for the Duchy, them being in the public domain and all.

Unfortunately for you, you forgot to look first. If you had, you’d see that there is no mention of tax in those accounts.

I see their wealth the wealth of our nations history.

It doesn't mean to say I think paying tax on things already taxed is fair. I think inheritance tax is awful (even though it means nothing to me as I wont ever inherit anything of value).

@Iamthewombat Clearly you can't read properly. I did not state that at all - please check what I said!

These are my previous posts - nowhere do I say the income tax is recorded in the accounts:

1. He pays higher-rate income tax on the profits - 45%. Is that enough for you?
2. It is public knowledge and on record that he pays 45% on his income. I think it is recorded in Hansard but am not going to [find] spend hours searching for it.
3. The Duchy accounts are also in the public domain and available to anyone on their website if care to look. No mystery involved.
4. If you really are a Chartered Accountant you should understand that the accounts for an Estate or any other unicorporated entity never show the owner's private income tax liability! Only Corporate accounts will do that.

Public knowledge just means that the information is in the public domain - not that everyone has it in their possession. You really are being obtuse. I said that the tax rate was declared in Hansard, not in the accounts where it would not be appropriate.

The Queen's wealth was mostly the crown estates, it can't be sold so can't be treated the same as a normal inheritance. I'm unsure of the arrangements of any private wealth

Well said ^^

People also moaning about how much sovereign grant the royals get also ignore the fact that it mmm the royals give £313 million revunue rayed by the crown from palace/ crown estates and revenue and are given a slice back £83 million as the grant! £83 million in 2020- so there's a net profit to government even after "we pay for Royals costs!" (We don't pay they do and they get 1/4 back!!)

I'm unsure of the arrangements of any private wealth

If you bothered to read the thread, you'd know that the Queen's private wealth is passed down without paying any IT, it specially exempt, unlike the rest of us.

I love people who make grand statements like this, but haven’t googled first.

lol

Whoops saved too soon by accident so there is a net profit to government of £240 million a year from Royals just from their Crown estate of the Monarch. That's £1 billion wveey 4 years money give up to government - ie we people- let alone the economy boost from tourism revenue to others that they bring in as our Royal family (with a crown estate) - calculated at at least £500 million a year up to £1.6 billion a year to our economy according to Forbes

They ain't so shabby at all, the Royal family being in far more than they cost us