Tag Archives: Inheritance Tax

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

Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.

https://www.crowdjustice.com/case/mike-sivier-libel-fight/


Vox Political needs your help!
If you want to support this site
(
but don’t want to give your money to advertisers)
you can make a one-off donation here:

Donate Button with Credit Cards

Here are four ways to be sure you’re among the first to know what’s going on.

1) Register with us by clicking on ‘Subscribe’ (in the left margin). You can then receive notifications of every new article that is posted here.

2) Follow VP on Twitter @VoxPolitical

3) Like the Facebook page at https://www.facebook.com/VoxPolitical/

Join the Vox Political Facebook page.

4) You could even make Vox Political your homepage at http://voxpoliticalonline.com

And do share with your family and friends – so they don’t miss out!

If you have appreciated this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!

Buy Vox Political books so we can continue
fighting for the facts.


The Livingstone Presumption is now available
in either print or eBook format here:

HWG PrintHWG eBook

Health Warning: Government! is now available
in either print or eBook format here:

HWG PrintHWG eBook

The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:

SWAHTprint SWAHTeBook

First Tory budget: giveaways for the obscenely rich, funded by the poor

He should be behind bars.

Apparently Osborne is planning to make it possible for a couple to pass estates worth up to £1 million to their children or grandchildren with a new tax-free allowance that will benefit only around 10 per cent of the population.

He will announce it during the same budget at which he will detail his plans to cut a vital £12 billion from benefits paid to the poorest in the UK.

It seems he is trying to start a class war – setting the rich against the poor.

He should know better.

Perhaps he thinks that Middle England is now so tranquillised by a Tory-supporting press that broadcasts nonsense every day, that he can get away with anything and you won’t notice or understand.

Is he right?

George Osborne is planning to use his first Conservative budget to lift all but the very richest households out of inheritance tax on the same day he sets out billions of pounds in welfare cuts.

The move will allow a couple to pass a house worth up to £1m to their children or grandchildren. The chancellor will create a £175,000, tax-free allowance per person for their main property on top of their existing £325,000 allowance that can be applied to all assets.

His intention to lift all but the wealthiest homeowners out of inheritance tax was first revealed when sensitive Treasury papers were leaked to the Guardian before the last budget, which concluded that it would “most likely benefit high income and wealthier households”.

Source: Inheritance tax giveaway to feature in first Tory budget alongside welfare cuts | UK news | The Guardian

Follow me on Twitter: @MidWalesMike

Join the Vox Political Facebook page.

If you have enjoyed this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!

Vox Political needs your help!
If you want to support this site
(
but don’t want to give your money to advertisers)
you can make a one-off donation here:

Donate Button with Credit Cards

Buy Vox Political books so we can continue
fighting for the facts.

Health Warning: Government! is now available
in either print or eBook format here:

HWG PrintHWG eBook

The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:

SWAHTprint SWAHTeBook

Duncan Smith weighs in with support for Tory bid to impose right-wing bias on BBC

131029bbcbias

The Secretary-in-a-State about Work and Pensions, Iain Duncan Smith, has joined Grant Shapps in attacking the BBC with entirely fictitious claims that it has a left-wing bias.

Smith, affectionately known as ‘RTU’ or ‘Returned to Unit’ by this blog because of doubts about his achievements in the Army, is a serial spreader of falsehood, as has been documented here many times.

It seems he missed his true vocation and should have been a farmer; he spreads muck so vigorously.

And this is the case today. The Daily Mail has reported in its usual bombastic style that RTU is angry because the BBC keeps describing his charge on social housing tenants who the government deems to be “under-occupying” their homes as a “bedroom tax”.

His “furious” letter states that the corporation has been misleading viewers because the phrase is “innately politically and indeed factually wrong”.

Oh, is it, Iain?

Let’s have a look at his reason for saying this: “A tax, as the Oxford English Dictionary makes clear, is a ‘compulsory contribution to state revenue, levied by the  government on workers’ income and business profits, or added to the cost of some goods, services and transactions’.”

That’s right – and the state under-occupation charge (to give it it’s correct title) is a compulsory contribution to state revenue, added to the cost of a service. In this case, the service is rental of a dwelling. There can be no doubt that the contribution is compulsory, and it is clearly the state that receives (or rather, keeps) the money.

It is a tax. And we can say that, since the number of spare bedrooms in a dwelling is used to apply the charge, it is a bedroom tax. It’s the same principle as was used to describe the ‘Window Tax’ of the 19th century or thereabouts.

Some pundits have stated that it cannot be a tax because it is not paid by everybody, but this is also nonsense. Does everybody pay Inheritance Tax, or Capital Gains Tax? No. Even the corporations don’t pay Corporation Tax any more, according to all the reports we hear about tax avoidance!

And it may also be stated that the BBC is simply reflecting public parlance in its use of the phrase. People do not talk about the “underoccupation charge” or the “removal of the spare room subsidy” – they talk about the Bedroom Tax.

So RTU can whine all he likes; the BBC is factually correct in using the phrase, and it also reflects public custom in doing so.

His letter continues by claiming the BBC has adopted the language of the Opposition, stating, “We do not believe it is the job of the BBC to use misleading terms and promote the views of the Labour Party.”

Again, he is wrong to claim that the BBC has a left-wing bias. You may get tired of reading this, Dear Reader, but research by Cardiff University has shown that “The BBC tends to reproduce a Conservative, Eurosceptic, pro-business version of the world, not a left-wing, anti-business agenda”. Read the report for yourself.

The Daily Mail goes on to report that former Immigration Minister Damian Green has been unhappy with the Beeb’s reporting of immigration data, saying it was “mystifying” that a 36,000 drop in migration was described as “slight”.

But it is Mail readers who should be mystified at this claim. Didn’t they read, only last month, that more than two million immigrants have been given British passports since 2000 – one every two and a half minutes? Was this not accurate? In comparison to that figure, 36,000 is indeed “slight”.

And Mr Green might have had a little more sympathy for the BBC report if he had bothered to read the latest information on immigration by the Office for National Statistics, which stated that a drop of 39,000 long-term migrants between December 2011 and December 2012 was “not a statistically significant fall”. This is the information used by his government.

Of course we all know the reason for this latest round of BBC-bashing – the Tories are putting out a ‘marker’ for the general election.

They are telling the BBC, in no uncertain terms: “Behave. We don’t want any trouble from you in the run-up to May 2015 – just nice stories saying how great we are. Otherwise it will go badly for you after the election.”

Considering the evidence that the BBC already has a right-wing, Conservative-supporting viewpoint, it would be perfectly understandable if any high-ranking member of the corporation, receiving that message, did the exact opposite.

These Tories are ungrateful. They should know it is impossible for the BBC to hide the vast amount of cock-ups, miscalculations and intentional harm they have inflicted on the nation in the last three years. Attempted intimidation can’t alter the facts.

But then, threats are a part of the Tory way of life – especially for Iain Duncan Smith.

That is clear to anyone who has spent a few months signing unemployed at a Job Centre.