• Privacy policy
  • T&C’s
  • About Us
    • FAQ
  • Contact us
  • Guest Content
  • TLE
  • News
  • Politics
  • Opinion
    • Elevenses
  • Business
  • Food
  • Travel
  • Property
  • JOBS
  • All
    • All Entertainment
    • Film
    • Sport
    • Tech/Auto
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
The London Economic
No Result
View All Result
Home News

King Charles’ inheritance tax break is pretty jaw-dropping as cost of living crisis bites

Everyone in the UK faces a 40 per cent tax bill for any assets valued at over £325,000, but it doesn't apply to Charles.

Joe Mellor by Joe Mellor
2022-09-12 08:21
in News
Credit:PA

Credit:PA

FacebookTwitterLinkedinEmailWhatsapp

Inheritance tax is paid by people who have inherited money or property after the death of another person.

Unless your money is kept in a trust, like the Duke of Westminster, everyone in the UK faces a 40 per cent tax bill for any assets valued at over £325,000.

So how much will King Charles III have to pay as the Queen was reported to have a net worth of £365m, according to the Sunday Times?

A grand total of ZERO.

Inappropriate

The Government deemed it to be “inappropriate”.

Charles will inherit the Duchy of Lancaster estate without paying a penny.

The UK government in 1993 to guard against the royal family’s assets being wiped out if two monarchs were to die in a short period of time, i News reported.

The Government outlines: “In relation to assets which can properly be regarded as private, the arrangements provide that inheritance tax will not be paid on gifts of bequests from one sovereign to the next, but will be payable on gifts and bequests to anyone else.

“Tax will also not be payable on assets passing to the Sovereign on the death of a consort of a former Sovereign.

RelatedPosts

Russell Brand is ‘a narcissist, borderline psychopath and definitely a sociopath’ – Gordon Smart

Tory MPs have been paid nearly £350k for GB News appearances this year

‘Inspired by the Wild’ project transforms London street into urban jungle

Recession ‘more likely’ as key gauge misses expectations

“The reasons for not taxing assets passing to the next Sovereign are that private assets such as Sandringham and moral have official as well as private use, and that the Monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life, and to have a degree of financial independence from the Government of the day.”

What are Charles III’s duties and powers as King?

The King is a constitutional monarch who must remain politically neutral.

The head of state has “an important formal and ceremonial relationship” with Parliament, the monarchy’s official website says.

Charles’s role will consist, as did the late Queen’s, of assenting to Bills passed by Parliament on the advice of ministers.

He will also give audiences to ministers, at which he may be “consulted, encourage and warn”, and summon new Parliaments on the Government’s advice, and open and close – or prorogue – each session of Parliament.

Queen Elizabeth II death
King Charles III during an audience with Prime Minister Liz Truss and members of her Cabinet (Jonathan Brady/PA)

His assent is required to all bills passed by Parliament in order for them to become law. Royal Assent has not been refused since 1707.

It is also a long established convention that the monarch is asked for consent to debate bills which would affect the prerogative or interests of the Crown.

Research by The Guardian in 2021 found more than 1,000 laws had been vetted by Elizabeth II – including whether national traffic rules applied to her private estates of Balmoral and Sandringham.

In the annual State Opening of Parliament ceremony, the King will open Parliament in person, and deliver the King’s Speech.

Queen Elizabeth II death
Charles has already opened parliament before and read the Queen’s Speech, doing so on behalf of his mother in May this year (Alastair Grant/PA)

It will also be Charles’s duty to appoint any future prime ministers – one of the few remaining personal prerogatives of the sovereign.

The monarch does not act on advice nor need to consult anyone before calling upon the leader with an overall majority of seats in the House of Commons to form a government.

It was one of the Queen’s last ever duties, just two days before she died, when she appointed Liz Truss as PM at Balmoral Castle.

The King will also hold a regular audience with Ms Truss, usually weekly on a Wednesday.

He has already met with Ms Truss, the Cabinet, opposition leaders and Realm High Commissioners in the three days since his accession.

The monarch is also head of the Privy Council, which usually meets once a month.

This is the oldest form of legislative assembly still functioning in the UK, responsible for a number of executive responsibilities.

At each meeting the Council obtains the King’s formal approval to orders which have already been discussed and approved by ministers.

He also approves proclamations through Council – which are formal notices cover issues such as the summoning of a new Parliament, coinage and the dates of certain bank holidays.

Related: The real cancel culture? TWO arrested for ‘anti-monarchy’ protests

Previous Post

The real cancel culture? TWO arrested for ‘anti-monarchy’ protests

Next Post

In trouble already? Liz Truss criticised over ‘improper’ sacking of top civil servant

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

More from TLE

Labour figureheads decry Starmer’s treatment of Diane Abbott

The PM’s plan to ‘scrap’ Net Zero ‘proposals’, fact checked

Newsnight find someone who supports having 7 bins – and you’ll never guess who it is

Davey rules out electoral pact with Labour and re-joining EU

ITV reporter Sally Williams presents weather on London Eye after accepting Tom Cruise challenge

Truss has been claiming from fund for ex-PMs despite only 49 days in office

Timeline of allegations made against Russell Brand

Labour accuses Government of being ‘complicit’ in trophy trade

New ‘beak-to-feet’ chicken shop set to open in London

Elon Musk suggests Twitter (X) paywall is imminent

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




-->