Queen avoids taxes on mother's estate - special provision for the reigning sovereign - $73 MIL

Associated Press ^ | May 8, 2002 | Associated Press Staff

[MeekOneGOP]

Queen avoids taxes on mother's estate

Under 1993 accord, $73 million inheritance exempt from 40% levy

05/08/2002

Associated Press

LONDON - Queen Elizabeth II will pay no inheritance tax on her late mother's estate, Buckingham Palace said Tuesday, a collection that included race horses, jewels and art worth an estimated $73 million.

Inheritance tax on such an estate would normally be 40 percent. But under a 1993 accord, assets passed from sovereign to sovereign or from the consort of a former sovereign to the reigning monarch are exempt.

Commentators say the lack of controversy over the tax saving shows that the queen is enjoying a resurgence in popularity during her Golden Jubilee year.

The Queen Mother Elizabeth, who died March 30 at age 101, lived in lavish style in a fine London house, a large lodge at Windsor Castle, a country retreat and her own castle in northern Scotland. The queen mother was the consort of King George VI.

According to The Sunday Telegraph and The Guardian newspapers, the queen mother amassed $73 million in jewels, art and race horses. Buckingham Palace called the figure "speculative."

The 1993 arrangement with the Conservative goverment of the time was set out in a public document when the monarch first volunteered to pay income tax.

Buckingham Palace said Tuesday that the sovereign was exempt from inheritance tax as he or she needed an "appropriate degree of financial independence" from the government and because a king or queen was unable to "generate significant new wealth through earnings or business activities."

A spokeswoman said, however, that others who inherit assets from the queen mother would pay tax. Details of the queen mother's will have yet to be announced.

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Online at: http://www.dallasnews.com/world/stories/050802dnintnuroyal.72b3.html

[MeekOneGOP]

To paraphrase an old expression.......

It's GOOD to be the King!

[MeekOneGOP]

fyi.....

[RicocheT]

I expect that seventy-three million was heavily encumbered as the Queen Mum was a big spender. She borrowed against her property to maintain her lifestyle. The present Queen will be selling some of the property to pay off her Mum's debts.

[Slainte]

Nice work if you can get it.

[DrDavid]

Who would the Queen pay taxes to? Herself? Her Government? But that is just the same...

[goldstategop]

Yes. I imagine the Queen of Canada is exempt from inheritance taxes due in that country as well.

[RetiredArmy]

I don't know. Last I saw the Queenie was worth many, many billions of dollars.

[coloradan]

The laws for the peasants do not apply to the Lords. The sweet smell of caste systems. And dammit, caste systems aren't just for India!

[goldstategop]

You wonder why liberals don't think mere peons are as deserving of relief from inheritance taxes as a Queen.

[weikel]

Don't hate the queen too much she is the only thing preventing the EU from becoming a true open air concentration camp.

[MeekOneGOP]

Howdy! Just fyi.........
I was going to ping some other UK FReepers also, but I don't have a list. :O(

[FryingPan101]

....and I just can't wait to be Queen.

[shadowman99]

Not too shabby for public housing! Really, the UK does need to pass some welfare reform!

[VRWC_minion]

Does this mean Hillary is exempt also ?

[MeekOneGOP]

Don't hate the queen too much she is the only thing preventing the EU
from becoming a true open air concentration camp.

Isn't that the truth?
Tony Blair has grown much bigger in my eyes since 9-11 ! :O)

[MeekOneGOP]

.....and I just can't wait to be Queen.

LOL! My ex is British. She always told me she was Queen Sh**! :O)

[B-Chan]

Who would the Queen pay taxes to? Herself? Her Government? But that is just the same...

Would that it were! The Queen and Her Majesty's Government are not identical. HM the Queen reigns over England, but she does not rule; Parliament does that.

Unfortunately.

[MeekOneGOP]

Does this mean Hillary is exempt also ?

[FryingPan101]

Off with her head!

[AD from SpringBay]

Yes. We must be reminded that some will always be more equal than others. We wouldn't want tax laws to apply to everyone, now would we?