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  #41  
Old 04-30-2015, 08:56 PM
Gentry
 
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The queen mother had more then u thought an article written just after she passed claimed she left them over 230 million pounds And get this Royals don't have to pay tax on the estate so no death dues divide that up is a pretty nice pile
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  #42  
Old 04-30-2015, 09:01 PM
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Anything the Queen Mother left to anyone other than The Queen was subject to Death Duties. Only monarch to monarch is death duties' free.
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  #43  
Old 04-30-2015, 09:21 PM
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It is completely unfair that the monarch does not have to pay inheritance tax even though every other citizen does where necessary. The monarch should not be above the law.
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  #44  
Old 04-30-2015, 09:37 PM
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Quote:
Originally Posted by Mirabel View Post
Yes, but I doubt that she got all that much if the Queen Mother left an inheritance to all of her grandchildren and great-grandchildren.

(At least, it probably wouldn't be enough to fund that sort of lifestyle).
The Queen Mother didn't leave anything to her grandchildren. In 1994 2/3 of her money fortune, at the time 19 million pounds, went into a trust fund for her great grandchildren and Viscount Linley and Lady Sarah Chatto, on the gamble that she would live another 7 years and therefore avoid the 40% tax. It's perfectly legal and anyone can do it, and it's a gamble that paid off.

Source: The gamble that foiled the taxman | UK news | The Guardian

Given the length of time the Queen Mother Trust held that money for Beatrice and Eugenie, who would have been 6 and 4 at the time the money was invested, it likely had 15 - 20 years to grow - and then there is the trust fund that Her Majesty The Queen set up for Beatrice and Eugenie when Andrew and Sarah divorced in 1996, when the Princesses were 8 and 6, again, another 15 years to grow at the minimum.

And who knows if Sarah saved money for her girls - although she has encountered many financial difficulties over the years, Sarah is generous to a fault and it's well known she contributed to her daughter's lifestyle. I would not be at all surprised to discover that some of her earnings went into trust funds for her girls.

Ultimately, the York Princesses are wealthy women in their own right and it's that independent wealth that undoubtedly shapes some of the decisions they take with the roles and duties they wish to/are allowed to pursue as members of the Royal Family and as private citizens in careers.
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  #45  
Old 04-30-2015, 10:55 PM
Gentry
 
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But there are ways around it after the queen mother died there was mentioned that The queen mother estate would not be subjected to death taxes since she once was Queen People were pretty mad about it I will see if I can find that article
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  #46  
Old 05-01-2015, 12:03 AM
Iluvbertie's Avatar
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The law is clear - the Queen Mother didn't have to pay death duties on what she left to The Queen and she left her most of her estate for that reason.


What else she did was set up a trust fund early enough that it was in existence for over 7 years and that was also not subject to death duties. If she had died within that 7 year period it would have been - the same as for everyone else.
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  #47  
Old 05-01-2015, 05:26 AM
Gentry
 
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Ann said a long time ago that her children have trust funds set up for them They also got money from the Queen Mother
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  #48  
Old 05-01-2015, 05:53 AM
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Originally Posted by royal-blue View Post
It is completely unfair that the monarch does not have to pay inheritance tax even though every other citizen does where necessary. The monarch should not be above the law.
The monarch is not above the law, it is just a different law that applies.
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  #49  
Old 05-01-2015, 06:19 AM
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The Monach is paying taxes - just not death duties (which in Switzerland, no one has to pay, anyway).
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  #50  
Old 05-01-2015, 08:10 AM
Heir Apparent
 
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Quote:
Originally Posted by Lord_Royal View Post

And who knows if Sarah saved money for her girls - although she has encountered many financial difficulties over the years, Sarah is generous to a fault and it's well known she contributed to her daughter's lifestyle. I would not be at all surprised to discover that some of her earnings went into trust funds for her girls.
I thought that there was an interview in which Fergie admitted having to use money from those trust funds because she was broke?
So it seems unlikely she'd have contributed to them at any point.
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  #51  
Old 05-01-2015, 09:51 AM
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Originally Posted by janjan View Post
Ann said a long time ago that her children have trust funds set up for them They also got money from the Queen Mother
No one is disputing that they all have trust funds and money from the Queen Mother in those trust funds.

The facts are that because The Queen Mother set up the trust fund more than 7 years before she died there was no death duties to be paid on that money. That law applies to everyone.

Had she died within the 7 years of setting up the fund then there would have been appropriate taxes to be paid.
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  #52  
Old 05-01-2015, 04:12 PM
Gentry
 
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No cause the Queen got Parliament to pass an act my cousin lives in London and was pissed off big time because he thought that she should have paid
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  #53  
Old 05-01-2015, 04:35 PM
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According to www.royal.gov.uk it states

"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."

This applies to her personal income.
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  #54  
Old 05-01-2015, 06:20 PM
Courtier
 
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Originally Posted by janjan View Post
No cause the Queen got Parliament to pass an act my cousin lives in London and was pissed off big time because he thought that she should have paid

The Queen cannot dictate to Parliament what they should & should not do.

I think you've been watching too much Wolf Hall. That might have been the case in the days of Henry VIII but it has not applied during this Queen's reign. She had the benefit of customs and laws passed in previous reigns as Iluvbertie and others have pointed out several times.


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  #55  
Old 05-01-2015, 08:09 PM
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The tax situation is well known. Until George VI ascended the throne the monarch paid normal taxes like everyone else on income. George VI negotiated not to have to pay the taxes as he had to pay his older brother for Balmoral and Sandringham so from 1937 until 1992 the monarch didn't pay income tax but it was George VI who negotiated that right not The Queen.

As has been pointed out, she was forced to agree to voluntarily pay tax in 1992 (Charles had been voluntarily paying tax since he took control of the Cornwall estate in 1969 - paid at 50% until he married Diana when he reduced it to 25% to cover the additional expenses he had in having a wife and family).

In 1894 inheritance tax was introduced in the Finance Act (actually simplified the then existing five laws that covered inheritance laws and taxes into one). In most of those laws the monarch was expressly excluded - so it isn't The Queen but her ancestors from her father back to Queen Victoria and even further back to George III who negotiated those exceptions.

A lot of British people get upset about the financial arrangements to do with the monarchy largely out of ignorance and largely because the press likes to stir up the people and use misinformation to do so. I don't know how many times I read about the Civil List and who is supposedly on it - when if people actually do their research they would learn:

a) the Civil List did exist to cover the official expenses of members of the royal family - not their private expenses
b) that in 1992 The Queen agreed to repay to the government the payments made to all members of the royal family other than herself, Philip and her mother.
c) the Civil List itself was abolished in 2012 and replaced with the Sovereign Grant Act that provides The Queen with the money to run her official life, maintain the royal palaces and cover the transport costs. This includes, for instance, all the expenses associated with State Banquets and events like the Garter Ceremony.
d) Charles covers the expenses of himself, Camilla, William, Kate, George and Harry - officially and privately
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