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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Man jailed after killing three-year-old girl in crash between van and tram in Manchester city centre
Emily Sergeant
A man has been jailed after killing a three-year-old little girl in a crash between a van and a tram in Manchester city centre.
It comes after emergency services responded to reports of a road traffic collision involving a tram and a van in Mosley Street in Manchester city centre at around 10am on Saturday (22 February), where it was found that the Mercedes van collided with the tram, forcing the van onto the pavement where it collided with a pedestrian.
The pedestrian, a three-year-old girl, was rushed to hospital shortly after, but despite the best efforts of all involved, sadly passed away from her injuries.
She was later named as Louisa (Lulu) Palmisano.
The driver – who was later named as Rawal Rehman, of Lambton Road in Manchester – left his vehicle and fled the scene in a taxi, but was subsequently arrested in a restaurant two days after the incident (24 February) after officers traced him through documents found in his van.
He was arrested for causing death by dangerous driving, and chose to plead guilty to the charge at Manchester Crown Court on Tuesday 22 April, before his sentencing took place today (27 May).
A man has been jailed after killing a three-year-old girl in crash between a van and a tram / Credit: The Manc Group | GMP
Rehman has been sentenced to 12 years in prison, as was also disqualified for 13 years and eight months until he passes a further test.
Greater Manchester Police (GMP) said the tragedy was ‘completely avoidable’ and that Rehman’s ‘callous actions’ on that fatal day have changed a family’s lives forever, so he must now ‘face the consequences’ of his actions.
Lulu’s family also shared a powerful victim impact statement.
“Lulu was our only child and the centre of our world,” the statement reads. “Her joyful spirit, vivid imagination, and kind heart touched everyone who knew her. At just three years old, she brought more light and love than we ever thought possible. Her life was full of promise, and her loss is something we will carry with us for the rest of our lives.
“No parent should ever have to witness the death of their child. The impact of that single, devastating moment has rippled through every part of our existence, emotionally, physically, and financially.
“Our lives have changed beyond recognition.”
#JAILED | Rawal Rehman (28/11/1988) was sentenced to 12 years at Manchester Crown Court today for causing the death by dangerous driving of three-year-old Louisa (Lulu) Palmisano.
Rehman was arrested by officers two days after the fled the scene.
“Lulu’s memory lives on in us – in every act of kindness, in every moment of courage, and in every step we take forward. We will continue to speak her name, to celebrate who she was, and to ensure that her light is never forgotten.”
Featured Image – GMP
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A premium car brand is opening up its first-ever UK city garage in Manchester
Danny Jones
Premium performance car brand, CUPRA, is set to open its first-ever UK city centre garage right here in Manchester next month.
It’s just their 12th British branch and will be one of their most impressive yet.
CUPRA, which primarily makes its models in Spain, is one of the fastest-growing manufacturers in Europe, especially in the performance market, and has recently launched in the likes of Mexico City and Sydney too.
Now set to open their latest location here in England this June, the new CUPRA space is set to be more than just your average garage/car showroom.
Due to open up on St. Ann Street (Manchester M2 7LP) next to the city centre square of the same name, the premium dealer is promising more than just a space to show off their cars.
As per an official statement, it will be “a bold new destination that blends Mediterranean attitude with Manchester’s disruptive spirit.”
Detailing that they chose our home due to its “unrivalled cultural impact and creative energy”, they went on to describe Greater Manchester as a “high-impact cultural hub rooted in music, design, wellness, food, and electrifying performance, it’s designed to connect people, ideas, and communities.”
The press release goes on to explain that at the core of CUPRA’s Manchester launch will be their new ‘Counter Culture‘ calendar of immersive experiences and events, with this new venue looking to innovate when it comes to programming and collaborations with Manchester independents and more.
CUPRA have steadily been announcing their arrival in town via various special activations, but come 26 June, they’ll be here full-time.
The CUPRA Dark Rebel landed on UK shores recently at Diecast Manchester!
Speaking about the launch, Marcus Gossen, CUPRA UK Brand Director, said: “Manchester was the natural destination for the latest CUPRA City Garage. The desire to continually evolve and transform is something we share with this great city, as well as its disruptive spirit.”
Having surpassed 800,000 cars sold worldwide and boasting big sponsorship deals with famous athletes like FC Barcelona’s Alexia Putellas, not to mention being a leading partner of the rising Baller League competition, their presence in the UK is growing, and fast.
To mark the occasion here in 0161, a special launch event with live music, entertainment, as well as food and drink, will be taking place; the lineup is still yet to be announced.
Once again, CUPRA Manchester – their first UK city garage and showroom – opens in 2–14 St. Ann Street on Thursday, 26 June.