King Charles III won’t pay 40% inheritance tax on £641 million estate
A government spokesperson said "the Monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life".
With the nation in mourning following the death of Queen Elizabeth II, King Charles III has inherited her position as head of state.
His Majesty has also inherited most of the Queen’s multi-million-pound estate, which is reported to be worth £641 million by AS News.
This includes a mixture of public and private assets, with the late Monarch having reportedly ammassed tens of millions in private wealth through art and racehorses and other assets throughout her lifetime.
But while ordinary British citizens are required by law to pay a 40% tax on inheritance over £325,000, this won’t be the case for the new monarch.
The reason is thanks to a 1993 change in royal inheritance law that prevents a depletion of royal funds in the case of royal deaths in quick succession.
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Despite being introduced by the John Major government nearly 20 years ago, the change was not applied until 2002 following the death of the Queen Mother. Now it is being applied again, effectively depriving the Treasury of a windfall.
Speaking to The Express, a government spokesperson said that requiring the Moarch to make an inheritance tax payment would ‘inappropriate’.
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In a comment given to the paper, the Government explained: “Some assets are held by the Queen as Sovereign rather than as a private individual.
“They are not sold to provide income or capital for the personal use of the Queen and pass from one Sovereign to the next.
“The official residences, the Royal Archives, the Royal Collection of paintings and other works of art and other assets held by the Queen in right of the Crown fall into this category.
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“It would clearly be inappropriate for inheritance tax to be paid in respect of such assets.”
However, a spokesperson also said that the new King would also be exempt from paying tax on private assets because “the Monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life”.
They added another reason for the exemption is to ensure the monarch has “a degree of financial independence from the Government of the day.”
‘Relentless common sense’ – Elizabeth II's leadership style, her wealth, and the Royals' 'Marmite jar' brand strategy. My analysis of what may change with a new boss at "The Firm" #QueenElizabeth#KingCharleshttps://t.co/KkIt6DKsiC
Any relatives beyond King Charles II, however, will still be required to pay tax on inherited assets.
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.
“The reasons for not taxing assets passing to the next Sovereign are that private assets such as Sandringham 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.”
Feature image – BBC
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Manchester United fans planning another major protest amid more upheaval around the club
Danny Jones
Manchester United supporters look set to stage another high-profile demonstration in protest against the INEOS Sports ownership group.
This is the latest response to the club’s continuing struggles, and not just the first proper organised mobilisation of the year, but the first since the most recent major march last spring.
Following the sacking of ‘manager’ Ruben Amorim, despite co-owner Jim Ratcliffe and his board of executives insisting that the Portuguese head coach (that distinction proving to be a crucial detail), the local sporting giants are once again starting from scratch and looking for another replacement boss.
With that in mind, militant fan group The 1958 announced their most recent protest ahead of a home fixture next month in a rather bold fashion…
As announced we protest against this dysfunctional co-ownership before Fulham.
Yep, neither Amorim, Erik ten Hag, Ole Gunnar Solskjær, nor any face even remotely associated with Old Trafford/Carrington is safe from an AI parody.
As for The 1958 group’s actual protest plans, speaking via the BBC this week, the supporters’ trust has confirmed that they will be making a vocal statement outside the stadium on Sunday, 1 February.
Travelling Reds already made their thoughts known with a very blunt, provocative and somewhat controversial banner in the away end at Turf Moor for the 2-2 draw against Burnley.
With Man United approaching a third-round FA Cup tie against Brighton and two big games in the form of a Manchester Derby at home and a trip to Arsenal, they have decided to choose the Fulham game at Old Trafford to stage the march.
Despite admitting that the results under Amorim were no way near good enough, they insist that the – most notably the overarching and Glazer family shadow ever looming over the organisation.
Further details around the actual timings and locations are still yet to be shared by the organisers, but you can expect this to be a well-attended, large-scale event.
Often convening at The Tollgate pub near regular matchday tram stop, Trafford Bar, before walking down Talbot Road towards the ground itself, we imagine Reds will then descend upon the Theatre of Dreams in their thousands.
In case you didn’t already surmise from the video itself, Ratcliffe and co. will be no doubt the subject of the usual chants, as well as more banners and flags.
What do you make of the latest plans, Man United fans?
Nothing will ever be quite as bold as the infamous Old Trafford break-in from 2022 (Credit: The Manc)
More Greater Manchester football matches called off as Storm Goretti sets in
Danny Jones
Yet more scheduled football matches in Greater Manchester and the surrounding regions have been postponed and/or cancelled due to Storm Goretti.
The increasingly cold, blustery and icy conditions moving over from France and across more parts of the UK have already caused schools to close, flights to be grounded, and plenty more disruption.
Another such inconvenience has come in the form of live sports, large swathes of which now look like they simply won’t be taking place.
One of the latest to be called off is Salford City‘s upcoming game against Swindon Town in the FA Cup this weekend, with various other games involving teams up and down the footballing pyramid now facing uncertainty over whether their third-round fixtures will go ahead as planned.
Ironically, this is just the tip of the iceberg, if you’ll pardon the very obvious pun.
Another game that was called off late last week, between Chadderton and FC Isle of Man, is yet to be rescheduled; the same is true of Rochdale AFC’s meeting with Brackley Town, Radcliffe v Oxford City, as well as games involving Bury, Stockport Town, Irlam, Cheadle Town, Prestwich Heys and more.
Other nearby outfits, such as Chorley, Warrington Rylands and Ramsbottom United, just to name a few, are also still unsure of when their next game will be.
In many cases, it is simply a matter of the grounds being largely or completely frozen and deemed unfit for use following pitch inspections.
Oldham Athletic – which has already been hit with plenty of snow and frost – yesterday confirmed that their Notts County clash wouldn’t be going ahead due to that very reason.
With winds of up to 90 miles per hour also being reported, yellow and even red weather warnings have been issued across various parts of the country, with people being urged to check their routes home from work by local authorities.
Storm Goretti should start calming down this evening (Fri, 9 January) and into Saturday morning, but the after-effects could still play havoc over the next few days.
For instance, over in Cheshire, Macclesfield FC are going so far as to call on nearby residents to help clear their playing surface from heavy snowfall.
So, if you’re in the area and fancy helping out, they could sure do with your help.
VOLUNTEERS REQUIRED
Macclesfield FC are once again requesting the help of the fanbase and the local community to help clear the remainder of the compacted snow from the surrounding areas of the https://t.co/fL99QEEJ4D Stadium.
Georgina Pellant -
13th September 2022 
