Hugh Grosvenor got a whopping £4 BILLION tax break from the British taxpayer when he became Duke of Westminster - what for?

[TallerSally]

Yeah.

£4bn that could have been invested into public services in the UK. £4bn that hard-working tax-payers are having to make up for.

The usual feeble protests about this inheritance tax (IHT) break being the law or tradition just won't cut it - laws and traditions that aren't in the public general interest and just exist to uphold the privileges of a small (and in this case unarguably underserving) minority can and should be changed.

Because, what exactly has Hugh £10bn fortune Grosvenor done for the British public to deserve a £4bn IHT break?

And so pathetic to see the media skirt around the issue, as they fawn over his wedding today and try to faff about irrelevant peripheral pseudo-dramas instead.

£4bn, folks!

https://www.telegraph.co.uk/royal-family/2024/06/07/duke-of-westminster-olivia-henson-wedding-latest-news/

The aristocracy can fuck right off.

And on top of the tax break to preserve our 'heritage' (aka all the very expensive things they own), there's also the sexism of primogeniture. He has two older sisters. But who got all the money and the land?

That the Telegraph is live blogging this I find absolutely mind boggling.

Very rich people generally do all they can to avoid tax through various means. Expensive lawyers and accountants etc abound specialising in this service.
The tories try to stir up people who aren’t the super rich but are maybe on or around the inheritance tax threshold by telling them that inheritance tax is a big issue for them when in fact it is the top percentage of wealthiest society most affected. These people know other rich/ powerful people and lobby their cronies in politics to protect their interest.
The law needs changing but I doubt it will happen.

The money is in a trust.
Grosvenor still have to pay IHT, but it's paid every few years rather than one chunk when a Duke dies. This means that it can be planned for a paid from income rather than selling a huge amount of properties. It absolutely is paid.

Whether more or less depends on how long he lives.

A lot of the reporting on this is inaccurate. I have some direct knowledge of this so I know what I am saying is factual.

For what it's worth I don't agree with their being an aristocracy at all, but I know for certain that in this instance a lot of IHT is paid. It's every 8 or 10 years, can't remember details.

From what I have gleaned, trawling the internet, it is up to 6% every ten years.

Here’s a breakdown of how the trusts work for the Duke of Westminster’s inheritance:

https://amp.theguardian.com/money/2016/aug/11/inheritance-tax-why-the-new-duke-of-westminster-will-not-pay-billions

Of course such trusts are set up to avoid IHT.

And also to prevent any one person from spending the entire inheritance on sex and drugs and rock and roll, or whatever their particular extravagance happens to be. It is not their personal property to do as they please with, they just get an income from the proceeds.

Bit like the old style entail, where the heir only ever had a life interest in the estate, and couldn't do as he liked with it.

And since this is in the RF topic, I would point out that, like the heir to the throne, the heir to one of these big estates pretty much has his life mapped out for him at birth.

The law exists to stop large estates / businesses being broken up - which benefits big business and agribusiness. Anyone can benefit from this, including the owner of 20 acres.

I’m not sure the OP really cares about the Duke of Westminster’s tax affairs. More that he has William as an usher at his wedding. The tax thing is just being highlighted as a way to make him look bad….

Yes, it will be because William has been sincerely invited to attend his wedding.

Usher v Godparent. I know which is the more significant role if you want to tarnish someone with another's reputation, however spuriously.

The plebs are cheering him - come on peasants get off your knees, you need bread not circuses ! Hopefully Graham Smith will have some of his troops out.

His estate produces huge amounts of milk, grain and animal feed which supports the UK

Do I think he has an obscene amount of wealth, absolutely. Do I think it would have benefitted the UK to have a massive impact on a major food provider, absolutely not.

Far better to let him pay it off over time and protect the food production.

He’s a godparent to George as well as Archie.

I know. But I am not the one trying to create a spurious guilt by association. That's the OP vis a vis the DOW and William.

This. IIRC it’s 6% of the total value of the trust that has to be paid every 10 years. Also, any money taken out of the trust gets taxed at normal UK tax rates.

'Hopefully Graham Smith will have some of his troops out.'

To disrupt someone's wedding? Nice.

'Plebs'. Aren't you the charmer.

Hey, why don't you tell me a bit more about what I care about?

I'm listening! Keenly!

What is the reason for you not saying the same about William choosing this man as a Godfather for George?

... methinks some people on RF boards seem incapable of thinking cogently (or not) about anything other than....

... break away from your daily obsession folks, other issues matter too/more!

Because the OP's very clear reason for posting on this board is to constantly find a stick to beat the RF with and in particular William, whilst glorifying Harry and Meghan at every given opportunity. This DOW's tax affairs (he is a non royal) is only relevant to the RF board and the OP because William is attending and in the wedding party. I am just pointing out to the OP that if she wishes to create a guilt on William's part by association vis a vis tax affairs, then that applies to Harry and Meghan too. HTH.

This £10.6bn estate is not cash sitting on bank account, it's a value of predominantly land and some real estate. To pay 40% IHT he would need to sell a huge part of it.

Who do you think the buyers would be? do you envisage a queue of British riches? or would it most likely be Saudi/Chinese/Russians?

Stupid comment 😑

Op has a bee in their bunnet about the rf and is a supporter of M&H so it does seem odd that they make no mention of the DofW being Archie's godfather. Guilt by association and all that.

Because the OP's very clear reason for posting on this board is to constantly find a stick to beat the RF with and in particular William

William and Camilla are in the firing line today 😆