#UK Fresh tax row as activists call for the King to pay £148m on inheritance from Queen's estate #UKnews

#UK Fresh tax row as activists call for the King to pay £148m on inheritance from Queen’s estate #UKnews

#UK Fresh tax row as activists call for the King to pay £148m on inheritance from Queen’s estate #UKnews

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Fresh tax row as activists call for the King to pay £148m on inheritance from Queen’s estate

King Charles ought to pay inheritance tax on his late mom’s estate, campaigners stated yesterday.

Under guidelines signed in 1993, the Queen agreed to pay earnings and capital positive aspects tax – however ‘sovereign-to-sovereign bequests’ are exempt from inheritance tax.

Her late Majesty’s private wealth, which included property, non-public investments and racehorses, was estimated to be round £370million. This would imply the King can be liable for an inheritance tax invoice – often charged at 40 per cent above a £325,000 threshold – of £148million.

Yesterday some members of the public agreed with tax campaigners that it was a ‘joke’ that atypical, middle-class households are pressured to pay inheritance tax on their wealth whereas the King is exempt.

Campaigners are calling for King Charles to pay inheritance tax on his late mother’s estate. Under rules signed in 1993, the Queen agreed to pay income and capital gains tax – but ‘sovereign-to-sovereign bequests’ are exempt from inheritance tax

Campaigners are calling for King Charles to pay inheritance tax on his late mom’s estate. Under guidelines signed in 1993, the Queen agreed to pay earnings and capital positive aspects tax – however ‘sovereign-to-sovereign bequests’ are exempt from inheritance tax

However, others stated it was incorrect for the Royal Family’s wealth to be whittled away with every era.

In 2016 the Duke of Westminster, Hugh Grosvenor, inherited £9billion nearly tax free as a result of his estate was held in belief.

The Royal Family’s wealth has been estimated to be round £24billion, though this consists of property such as Buckingham Palace, which solely belongs to the monarch in an official capability. The Queen’s demise has sparked recent debate about the tax benefits granted to the sovereign’s non-public wealth. Supporters of the 1993 deal argue it will be significant the monarch has ‘sufficient private resources’.

The Royal Family’s wealth has been estimated to be around £24billion, although this includes property such as Buckingham Palace, which only belongs to the monarch in an official capacity

The Royal Family’s wealth has been estimated to be round £24billion, though this consists of property such as Buckingham Palace, which solely belongs to the monarch in an official capability

But Robert Palmer, from Tax Justice UK, stated: ‘I don’t assume it’s honest that the King isn’t going to be paying inheritance tax on the non-public fortune he’s going to inherit from his mom.

‘It’s necessary to make a distinction between cash that’s held by the Crown and the sovereign, like Buckingham Palace and Windsor Castle – that may be a completely different query. But the King can also be inheriting a giant chunk of cash in racehorses, property and personal investments.’

Richard Murphy, a tax campaigner and professor of accountancy at Sheffield University, stated: ‘Why should there be one rule for the monarch and another for everyone else? Shouldn’t a constitutional monarch be our equal earlier than the legislation?’

There was broad settlement amongst callers to LBC radio station yesterday. A caller from Liverpool stated: ‘I think it’s a joke to say the Royal Family would have little or no left after inheritance tax.’

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