Queen avoids taxes on mother's estate
Posted on 05/08/2002 1:53:40 PM PDT by MeekOneGOP
Queen avoids taxes on mother's estate
Under 1993 accord, $73 million inheritance exempt from 40% levy
05/08/2002
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.
Wouldn't it be nice if EVERYONE were afforded the right to an "'appropriate degree of financial independence' from the government," especially when he is, for ANY reason "unable to 'generate significant new wealth.'"
In any case, her taxes would go to the Exchequer, just like Tony Blair's do. The Queen can't just walk over to the Treasury and grab a pocketful of tenners whenever she feels the urge to go and grab a pint.
Well, I guess that's one good reason to be gay huh? *LOL*
Ooops did I say that?
Just smacks of hypocrisy to me. My answer? Get rid of goddamn inheritance tax for everyone. Why should the Queen benefit from gazillions left to her by her old Ma, who never had to take a mortgage in her life anyways. While those who slaved their lives away can't legitimately leave their children (who are probably slaving to put grandchildren through college!!), a house or an asset without having to hand it over to Government.
Something stinks in the state of Britain.
It's a load of bollix...(now THAT's an Irish phrase) :-)
Once a king, always a king. Once a (k)night is enough. Escaping death duties on an estate is a great way to cushion the grief. Don't delay - apply to be a royal now!!!
I don't understand some of these Brit liberals....they **tch and complain all day about the National Health Service, the never-on-time trains, illegal immigrants sponging off the government, etc.
Yet, they don't give a **** that HM is exempt from a hefty tax that they (the peons) are subject to.
Granted, I am not at all for the socialist state, but if I have to ante up my hard-earned dollars for public services, I expect the monarchial leeches to give up their share as well!
She is also paid a stipend by the exchequer. Yet in some sense as Queen she "owns" the government. I'm not exactly sure how to word it but this is as close as I can get. I suppose it is part of the evolution of the monarchy from totalitarian rulers to national treasure.
Not to be confused with the 80's rock group
Bwahaha. My bloodlines are incapable of anything royal outside of being a pain in the royal ass(to wannabe royals like Klinton).
By, golly, I think she's got it! :O)
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