Luck, inheritance… What will change the finances of the royal family

VICTORIA JONES/AFP Camilla, Queen Consort (L) of Britain listens as Britain’s King Charles III speaks during the Accession Council meeting inside St James’s Palace in London on September 10, 2022, to proclaim him as the new King. – Britain’s Charles III was officially proclaimed King in a ceremony on Saturday, a day after he promised in his first address to mourning subjects that he would follow his “dear mother”, Queen Elizabeth II died on September 8. (Photo by Victoria Jones /POOL/AFP)

VICTORIA JONES/AFP

(Queen Consort Camilla and King Charles III at the proclamation on September 10, 2022)

UNITED KINGDOM – Two days after the death of Queen Elizabeth II, her son Charles was proclaimed king on Saturday September 10. Charles III now inherits the throne but also the private wealth of the queen, a large inheritance that he will receive not having to pay inheritance tax, a privilege reserved for royal successions.

What does Elizabeth II own? If no one obliges British monarchs to reveal their private finances, he will lead a personal fortune of 370 million pounds (436 million euros) in 2022 according to Sunday Timeswhich is 5 million more than last year.

Most of the treasures were left from the queen to the king

The lands of the Crown Estate and the Royal Collection of Art and Jewellery, as well as the Official Residences and the Royal Archives are held by the Monarchy as an institution. That being said, they will just pass Charles on to the trust.

Buckingham Palace, the royal residence in London, and Windsor Castle, about thirty kilometers west of the capital, are state properties, but Balmoral Castle, the summer resort of the royal family, and the Sandringham residence , where the royal family traditionally celebrates the end of the year. celebrations, are they the property of the monarch and will be handed over to Charles.

The Queen also has a large stock portfolio and a collection of royal stamps worth an estimated £100 million, according to the authors of the ranking. “Rest Rich” 2021 from Times.

The famous Crown Jewels, worth around £3 billion, are symbolically owned by the Queen and automatically passed on to her heir.

The Queen’s fortune is more than Charles’ personal fortune, estimated at $100m (£87m) by Celebritynetworth.com.

Prince Philip, Elizabeth’s husband, left a more modest estate of 30 million pounds when he died in April 2021, according to Celebritynetworth. It is remarkable that he has a collection of paintings and 3,000 works, most of which were given to friends and family.

One duchy lost, another found

On becoming king, Charles inherited the Duchy of Lancaster, which has been owned by royalty since the Middle Ages, which generated in the fiscal year ending in March 24 million pounds of private income for the British monarch. “The Money of Lancaster belongs to the Sovereign, King or Queen, by virtue of his office”explains David McClure, author of a book on royal finances.

Charles also receives an annual allowance (“sovereign grant”) of the Public Treasury, which is set at 15% of the income from the Crown patrimony, the “Crown Estate”which includes land but also a large wind farm, etc., and whose revenues have been returned to the Public Treasury since a law of 1760.

This allocation reached 86.3 million pounds for 2021-2022, taking into account a large extension for the renovation of Buckingham Palace granted for ten years (34.5 million pounds for 2021-2022).

The ” sovereign grant fund the expenses related to the official activities of the representation of the sovereign or the members of his family, especially the salary of the personnel, the maintenance and cleaning of the palaces, the official trips as well as the receptions party.

Charles, on the other hand, lost the Duchy of Cornwall, which will go to the eldest son of the monarch and will generate about 21 million pounds a year. “He will go straight back to (Prince) William”said David McClure.

Kate and William have thus seen their title change since becoming the Duke and Duchess of Cambridge in 2011, becoming, on the Queen’s death, the Duke and Duchess of Cornwall and Cambridge. William also received the title of Prince of Wales.

“Small amount” for family members?

If most of the Queen’s wealth will be passed on to Charles without inheritance tax, it will be thanks to an exemption that came into force in 1993 that should prevent that, if several monarchs die within a few years of each other, the inheritance of the king or queen will disappear, which is reduced by 40% of each inheritance.

“Private estates such as Sandringham and Balmoral have both official and private uses”further explained the Ministry of Finance, adding that the monarchy should also “there is a certain level of financial independence from the local government”.

But this advantage is limited to transmission between a sovereign and his heir. “It is likely that the Queen will leave a will and that small amount” go to close family members “but not the essence of wealth”to go to Charles, assures David McClure.

See also at The HuffPost: Elizabeth II and the French presidents: all their protocol mistakes

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