Often referred to as the richest woman in the entire world, Queen Elizabeth IIFrom decades of colonial rule – in investments, art, gems and real estate – there was a vast array of personal wealth. However, the value of this money remains a mystery to this day. The only question that remains is what will happen to all his treasures and who will get it.
In 2017, the monarchy’s brand was valued at approximately $88 billion by valuation consultancy firm Brand Finance, while the personal wealth of Queen Elizabeth II was estimated Forbes About $500 million was reported.
According to a PTI report, however, his last will and the components of the testament specifying how his wealth will be distributed after his death in Scotland are also expected to remain secret for a long time.
Historically, the wishes of the sovereign, along with those of other members of the royal family, have been private. However, a report in the British daily Express stated that the Queen Mother’s will – Queen Elizabeth, the first – was published on Royal.uk in May 2002.
During a legal battle over the will of the Queen’s younger sister, Princess Margaret, a court was told that “the primary reason and purpose of sealing a royal will is to protect the sovereign’s privacy”. In addition, for technical legal reasons – because the late emperor was the source of legal authority – his will is not required to be published like the others.
However, many of his sources of wealth – palaces, crown jewels and works of art – do not fall under the category of his personal property, but are in trust for generations to come and are simply being handed over to the new emperor – King Charles III,
In 2015, ‘The Sunday Times Rich List’ estimated the late British monarch’s net worth at £340 million (about $400 million), with the Duchy of Lancaster – the sovereign’s personal wealth – the main source of the British sovereign’s personal wealth. Existing purely to give an income to the reigning emperor.
In the financial year ending 31 March, the asset was valued at approximately £652 million and generated a net surplus of £24 million.
According to many timesAs the Crown is an indivisible property, it will also not appear in the Queen’s will and will simply be passed from the Sovereign to the Sovereign, without paying any taxes.
The newspaper notes that no inheritance tax was liable on the Queen’s personal wealth due to a deal with the then government led by John Major in 1993, in which the Queen agreed to pay income tax for the first time. As part of that agreement, it was stipulated that sovereign-to-sovereign bequests would be exempt from inheritance tax.
The Treasury Memorandum of Understanding on Royal Taxation, written in 2013, states, “The reason for not taxing property passing to the next sovereign is that private property such as Sandringham and Balmoral have official as well as private use and that that the monarchy as an institution required sufficient private resources to continue its traditional role in national life and to achieve a degree of financial independence from the then government.”
Britain’s longest-reigning monarch died on Thursday. She was surrounded by her near and dear ones in her last moments. On Saturday, Charles III, the son and successor of Queen Elizabeth II, was proclaimed king. He reaffirmed the tradition of handing over all royal revenue from the Crown Estate to the nation in exchange for a Sovereign Grant covering costs for Britain’s royal family.
(with agency input)