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  #301  
Old 02-03-2009, 07:48 AM
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It's the tax authorities who calaculate the amount of death duties on an estate, not the public, and the tax authorities would have access to the details of the estate's value.
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  #302  
Old 02-03-2009, 08:56 AM
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It's the tax authorities who calaculate the amount of death duties on an estate, not the public, and the tax authorities would have access to the details of the estate's value.
Quite right.

I believe the contents of all wills shold be kept private, with only the beneficiaries being made aware of the contents.
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  #303  
Old 02-03-2009, 09:55 AM
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Aren´t all will available to the public? Does this mean that only the royal family´s are not? I am not sure about this but I will be told if I am wrong very quickly no doubt.
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  #304  
Old 02-03-2009, 10:19 AM
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Originally Posted by Warren View Post
It's the tax authorities who calculate the amount of death duties on an estate, not the public, and the tax authorities would have access to the details of the estate's value.
No it is not, it is the Executors or accountants appointed by the Executors who calculate the amount of IT due, with the figure being approved or rejected by HM Revenue & Customs.

http://www.hmrc.gov.uk/inheritanceta...lue-estate.htm
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Valuing the estate of someone who has died is one of the first things to do if you’re acting as the executor or personal representative for that estate. You normally can’t get access to the assets in the estate until you’ve received a grant of probate (or confirmation in Scotland).
You need to know the estate’s worth to fill in the probate application forms and show whether or not Inheritance Tax is due.
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  #305  
Old 02-03-2009, 10:20 AM
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Originally Posted by Menarue View Post
Aren´t all will available to the public? Does this mean that only the royal family´s are not? I am not sure about this but I will be told if I am wrong very quickly no doubt.
Princess Margaret and Queen Elizabeth the Queen Mothers were ordered, by HM to be sealed.
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  #306  
Old 02-03-2009, 05:24 PM
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Will they remain sealed though?
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  #307  
Old 02-03-2009, 05:51 PM
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Will they remain sealed though?

Isn't that the point of the commission - to decide whether or not they should remain sealed?

So at this stage is we really don't know, but I suspect that they will have to become public.
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  #308  
Old 02-04-2009, 08:07 AM
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...it is the Executors or accountants appointed by the Executors who calculate the amount of IT due, with the figure being approved or rejected by HM Revenue & Customs.
I stand corrected. Nonetheless, a will which states "I leave all my worldly possessions to my husband..." or "I bequeath my entire estate to my daughter..." or "my estate is to be divided equally between my three surviving children..." gives no indication as to what the estate entails and in these examples is irrelevant to the assessment of the estate's total value in regard to any duty payable.

My personal experience as Executor this time last year, which I assume is similar to that in the UK, was that I provided the value of the various components of my late partner's estate to the Solicitor. Some amounts required verification and some didn't, but the will itself gave no indication of either the contents or the value of the estate. The Application for Probate contained both the original copy of the will together with a list of the estimated or known value of the assets (called "property"). These documents were retained by the Registrar General and I received copies stamped and impressed with the government seal when probate was granted. It is these documents that I am assuming are covered by the special royal provision to be kept private.

I should add that we are fortunate in Australia as death duties were abolished many years ago.
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  #309  
Old 02-04-2009, 08:30 AM
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That said, your broader point remains that it is for the tax authorities to be satisifed that the inheritance tax has been adequately computed, and not the court of the Daily Mail!
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  #310  
Old 02-04-2009, 10:12 AM
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Originally Posted by Warren View Post
Nonetheless, a will which states "I leave all my worldly possessions to my husband..." or "I bequeath my entire estate to my daughter..." or "my estate is to be divided equally between my three surviving children..." gives no indication as to what the estate entails and in these examples is irrelevant to the assessment of the estate's total value in regard to any duty payable. .... snipped.... It is these documents that I am assuming are covered by the special royal provision to be kept private.

I should add that we are fortunate in Australia as death duties were abolished many years ago.
I am sorry to hear of your loss.

Accountants & Solicitors handled the estate of my first husband and my father, as they along with myself (for my 1st husband) and other family members were executors. I handled the estate of my son.

All items here have to be shown at their value and any large monetary recipients are then advised of any Capital Gains Taxes they should pay. All this after IT is taken. Both were available in the entirety and details of both were in the public domain, along with the value of the estate and the value of all bequests made. The exceptions to the published details were 'wish lists' that were left to the discretion of the executors, but whose value was still included within the valuation, (which for the calculation of death duties, is the value on the day of death). Therefore it was available knowledge that X received £xxx from the estate.

It is the full disclosure of the value of the estate, including bequests, that I believe they are saying should be published. Many that are published do say Lord X left a total of £XXX, to his eldest son, Lord P, with a £XXX trust fund set up for his wife, Lady X and then go on to show the other bequests (to children and staff).


The main point from The Telegraph article and the MP proposing it, is that the civil list payments could be abolished if it is shown that HM leaves a private fortune of 3 billion pounds+ to Charles.
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  #311  
Old 02-04-2009, 11:16 AM
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I am sorry to hear of how you have such a good understanding of how wills and probate work.

I also could not agree more with you on the central issue here, which is whether the "value" of the estate should be made public. The Royal Family will clearly not want a key element of their finances being made public through this route, given the wider issue of public finances to support the royals in their work.

Separate from all of this, I do not understand why the contents of any wills need to be made public!
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  #312  
Old 02-05-2009, 08:24 AM
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Originally Posted by Skydragon View Post
The main point from The Telegraph article and the MP proposing it, is that the civil list payments could be abolished if it is shown that HM leaves a private fortune of 3 billion pounds+ to Charles.
OK, we are back on firmer ground with this one. Once again the Civil List is being (deliberately?) confused with the private wealth of the Sovereign. The Civil List is designed to cover the costs of the Sovereign in the performance of his/her state duties, including staff, visits, engagements, entertainment etc. I would liken the MP's proposal to applying an income and assets test to an incoming Prime Minister and saying "Tough. We've decided you're rich enough to pay for the upkeep of your office staff at Number 10 out of your own pocket; if you want to entertain a visiting dignitary at Chequers then pay for it yourself; next time you visit the President of the United States you can pay your own airfare. Phones, postage and internet? Pay up by the end of the month. No expenses for you!"
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  #313  
Old 02-05-2009, 10:13 AM
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In our dreams! A salary of perhaps £100,000 for HM, she does have the Duchy funds to add to the kitty?

I do however feel that HM's should abide by the same rules regarding wills, as their subjects. The closing of Margaret and QEQM's wills has left many questions.
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  #314  
Old 02-19-2009, 09:35 AM
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Originally Posted by Skydragon View Post


The main point from The Telegraph article and the MP proposing it, is that the civil list payments could be abolished if it is shown that HM leaves a private fortune of 3 billion pounds+ to Charles.
That is the craziest thing I have ever heard. The Civil List and to a certain extent the Privy Purse are payments made to the Soverign Head of State of the United Kingdom as salary for the job she performs and for the running of the "executive" branch of government.

This is like saying that if Bill Gates manages to get himself elected President of the United States, not only will he NOT get a salary, he will have to use his personal wealth to pay for the running, maintenance and upkeep of the White House, Camp David, Air Force One, Marine One etc. etc.
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  #315  
Old 02-19-2009, 04:26 PM
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I'm so sorry to learn that you experienced the death of your son, Skydragon. I can't imagine anything worse for a parent.

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I handled the estate of my son.
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  #316  
Old 02-21-2009, 07:28 AM
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Crown Estate plans to build a huge off-shore wind farm on England's only World Heritage Site have infuriated locals, who say they were not consulted.

Crown Estate did not tell locals about huge off-shore windfarm - Telegraph
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  #317  
Old 02-27-2009, 01:44 PM
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HM Elizabeth will keep the will away from the people it is a privet matter and being that she is a Soverign I believe she does not pay taxes .
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  #318  
Old 03-14-2009, 09:06 AM
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I'm not sure if I should post this here.I just read that QEII lost 37M pounds because of the financial crisis and I wanted to share this with you.Does anyone know more about this?It would be interesting to know if all this amount of money was lost in cash,for example.
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  #319  
Old 03-15-2009, 09:37 AM
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Originally Posted by HRH Bella View Post
...I believe she does not pay taxes.
From the British Monarchy website:

The Queen pays tax.
In 1992, The Queen volunteered to pay income tax and capital gains tax, and since 1993 her personal income has been taxable as for any other taxpayer.
The Queen has always been subject to Value Added Tax and pays local rates on a voluntary basis.

Quote:
Originally Posted by iakynthi
I just read that QEII lost 37M pounds because of the financial crisis... Does anyone know more about this? It would be interesting to know if all this amount of money was lost in cash,for example.
If what you read couldn't give details of what the "37M pounds" represented it sounds like someone is plucking figures out of the air or it is pure supposition.
Assuming HM has a shares portfolio, the value would have fallen over the past twelve months. Very few people would have detailed knowledge of her private investments and those that do wouldn't be talking to the press about it.
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  #320  
Old 04-23-2009, 05:48 AM
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Thumbs down

Royal Family are winners from the Budget

The Royal Family has emerged as among the few winners from the Budget after the Prince of Wales was granted a tax break worth hundreds of thousands of pounds.

Royal Family are winners from the Budget - Telegraph
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