Queen Elizabeth II, who died final week at age 96, didn’t have a standard wage. However, she obtained cash from a taxpayer-funded program referred to as the Sovereign Grant and inherited land, castles and numerous different belongings from her ancestors. She was estimated by Forbes to be personally value round C$657 million.
The Queen’s sources of revenue embrace the Crown Property, non-public property, a inventory portfolio and private belongings.
Her private belongings embrace her worthwhile stamp assortment, a number of artistic endeavors, jewelery and horses. She additionally has a large inventory portfolio. A world challenge referred to as the Panama Papers revealed in 2017 that $17 million of her cash was invested in offshore portfolios within the Cayman Islands and Bermuda.
The Crown Property’s property contains Buckingham Palace, Windsor Fort and Holyrood Palace.
The Queen’s annual Sovereign Grant comes out of the Crown Property’s earnings, in change for yielding the remainder of the revenue to the UK authorities. Roughly 15 per cent of the Crown Property’s earnings are paid to the reigning monarch. The proportion is set by the UK authorities and is topic to vary.
For instance, it was agreed that, in 2017, the Queen would obtain 25 per cent for the following 10 years to assist fund the refurbishment of Buckingham Palace.
The grant was used to pay for her royal duties, together with official engagements, and the payroll of her workers.
The Sovereign Grant for 2021–2022 was set by the UK authorities at virtually $131 million, equal to virtually $2 per individual within the UK in line with the Royal Household’s monetary stories.
The UK authorities’s treasury can be required by regulation to prime up the grant if Crown Property earnings fall in an effort to stop a decline in targets. This occurred in 2020.
As the following monarch, King Charles III will even obtain this grant.
The Queen’s non-public property, inherited from her father, contains Balmoral fortress in Scotland and Sandrigham within the UK
Like all different members of the Royal Household, the Queen had a will to find out who will inherit her assets. Whereas royal wills should not disclosed to the general public, the Queen’s inheritor, King Charles, will inherit Balmoral Fort and Sandringham Home, in line with CTV Information Royal Commentator Richard Berthelsen.
“There could also be different bequests to people or members of the family, even perhaps workers, however usually all the things is inherited by way of private property by the King in his private capability,” Berthelsen instructed CTVNews.ca on Tuesday.
The Crown Property’s property, together with Buckingham Palace, Windsor Fort, Holyrood Palace, and a wide range of different objects together with the Crown jewels, an artwork assortment, and archives, will even stay the property of the reigning King Charles, in his official capability, Berthelsen mentioned.
“One has to tell apart between the non-public property and the state belongings, each virtually all go to the King, and the entire official belongings that are held in belief for the nation, just like the artwork and jewels,” he mentioned.
It’s nonetheless unclear who will obtain the Queen’s non-public belongings, together with her inventory portfolio and different investments.
Whereas there’s a 40 per cent inheritance tax within the UK, King Charles won’t pay tax on the fortune inherited from his mom because of a authorities memorandum making use of to sovereigns for belongings valued above $493,553.
The memorandum notes that some royal belongings are held by the Queen “as Sovereign slightly than as a non-public particular person” and that “it will clearly be inappropriate for inheritance tax to be paid in respect of such belongings.”
Official residences, the Royal Archives, and the Royal assortment of work and different artistic endeavors, are examples of a majority of these belongings.
However, different inheritance left to different members of the family will seemingly not be exempt from the tax because of not assembly the worth threshold.
King Charles III has handed the Duchy of Cornwall — a sprawling non-public property comprising land and property overlaying virtually 140,000 acres and value $1.5 billion — to his eldest son, Prince Wiliam, CNN has reported.
Whereas the property’s revenue shouldn’t be disclosed publicly, the Duchy of Cornwall web site says that it’s “used to fund the general public, non-public and charitable actions” of the Duke of Cornwall, a title historically reserved for the reigning monarch’s eldest son. It’s thought-about a supply of excessive revenue for the Royal Household.
It has nonetheless not been introduced what the Queen has left to her different youngsters — Princess Anne, Prince Andrew and Prince Edward — her grandchildren, and different shut relations.
At the moment, Fortune Journal estimates King Charles III’s value to be round $578 million, whereas Forbes estimates his actual property holdings to be value roughly $1.8 billion.
With recordsdata from the Related Press and CNN