Queen Elizabeth II dies at the age of 96
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
The Queen had a huge private wealth, which only accumulated year on year, as well as the massive sums she was paid by the British taxpayer. The extent of her private wealth – now that of King Charles III – remained and remains a secret from British subjects.
The private wealth of the Queen is unknown, although it has been estimated at by many.
In 2011 Forbes estimated her net worth to be about £325million.
Later, in 2015, the Bloomberg Billionaires Index reported it to be £275million.
What is more, The Crown is legally tax-exempt. The royals are said to pay voluntary tax.
A sum is paid also voluntarily in lieu of the inheritance tax her subjects are legally obliged to pay.
Safe to say, some people are set to become a lot richer given the Queen’s passing.
How the Queen chose to divvy out her personal wealth while still alive is a matter that will be now overseen by her family and lawyers.
However, certain elements of royal inheritance are known due to tradition.
Once King Charles III takes the throne Prince William will inherit the Duchy of Cornwall, a private estate always owned by the first son, and now first child, of the Monarch.
Founded in 1337, it covers 135,000 acres in England and manages all the area’s landholdings. It generates around £20million in private income a year.
The details of the Queen’s will are likely to be made public on the Royal Family’s website, as the Queen Mother’s was.
In May 2002 the will of the Queen Mother was published on Royal.uk.
It read: “Queen Elizabeth The Queen Mother has bequeathed her entire estate (which mainly comprises the contents of her houses) to The Queen.
“In her will, she asked The Queen to make certain bequests to members of her staff, and these bequests will be subject to Inheritance Tax in the normal way.”
Art owned by the Queen Mother by Monet, Nash and Carl Fabergé was transferred to the Royal Collection.
The post on the royal site also detailed various moves made by royals.
It confirmed King Charles III would move to Clarence House and use it as his home.
A private residence on the Balmoral Estate, Birkhall, was left by the Queen Mother to be used by the family.
It was previously reported by the Guardian the Queen successfully lobbied the Government to change a law so as to hide her wealth.
Lawyers working on the Queen’s behalf pressured the Government to stop her shareholdings from becoming public knowledge, the reports claimed.
Buckingham Palace responded. It said: “Queen’s Consent is a parliamentary process, with the role of sovereign purely formal.
Consent is always granted by the monarch where requested by Government. Any assertion that the sovereign has blocked legislation is simply incorrect.
“Whether Queen’s Consent is required is decided by Parliament, independently from the Royal Household, in matters that would affect Crown interests, including personal property and personal interests of the monarch. If consent is required, draft legislation is, by convention, put to the sovereign to grant solely on advice of ministers and as a matter of public record.”
Source: Read Full Article