The accession racket? King Charles won’t pay inheritance tax from the Queen
King Charles III: is he laughing all the way to the bank?
Don’t you find it odd that, the more money you have, the fewer taxes you pay?
Look at the new King, Charles III. He’s not paying any inheritance tax on the Crown Estate’s £15.2 billion in assets, which include the royal archives and the royal collection of paintings, which cannot be sold by the King and are surrendered to the government in return for a grant.
In all, 25 per cent of profits from the Crown Estate are given to the royal family as the Sovereign Grant.
The rest of us would pay 40 per cent of any assets valued at more than £325,000. But we can’t complain, can we? The King is already paying 75 per cent of his assets to the government, from the look of it.
But wait – there’s more:
Separately, Charles also inherits from the Queen the Duchy of Lancaster, a private estate that includes portfolio of lands, properties and assets held in trust for the sovereign.
He is exempt from inheritance tax on these assets, among others, in order to preserve “a degree of financial independence from the government of the day”.
But if he’s already getting profits from more than £6 billion in assets in the Crown Estate, why does he need this? It made around £22 million in revenue in 2021.
It is allowed because, under an agreement with the John Major Tory government in 1993, assets passed from a former to a current sovereign are exempt from taxation.
But the then-Queen agreed to pay income tax voluntarily around that time, and Charles III has agreed to do the same.
Assets passed from the former Queen to anybody else are liable for Inheritance Tax.
It isn’t a perfect system, is it?
That being said, This Writer would like to see documentary evidence showing what the state would receive if there were no agreements with the government, compared with what it receives as it is.
Who benefits the most?
Source: King Charles will not pay tax on inheritance from the Queen | King Charles III | The Guardian
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