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 Airport is hosting a big jobs fair with more than 500 roles on offer
Emily Sergeant
Hundreds of careers are set for take-off, as Manchester Airport’s annual autumn jobs fair is returning early next month.
Manchester Airports Group (MAG), which owns and operates Manchester Airport as well as East Midlands and London Stansted Airports, is one of the largest of its kind in the UK, and this year is promoting vacancies in Hospitality, Car Parks, and Bussing at its jobs fair.
Attendees will have the opportunity to learn more about a career at the airport by speaking to employers operating on-site.
More than 500 roles will be advertised at the event, and more than 20 employers represented.
Manchester Airport is hiring! ✈️
Join us at the Wythenshawe Forum on 5th November for a huge recruitment event featuring 20+ employers and over 500 live vacancies across the airport. Whether you're starting out or looking for a fresh opportunity – this is your chance to take… pic.twitter.com/cmrlZUrBTM
Running from 10am to 2pm on Wednesday 5 November at Wythenshawe Forum, some of the other employers who will be represented at the fair include retailers and franchise operators, like Fever Tree, JD Wetherspoon, and Airport Retail Enterprises, as well as airport service providers like Dnata, Mitie, and AES – the engineering delivery partner for Ryanair.
The Airport Academy, which is run in partnership by Manchester Airport and Trafford & Stockport College Group, will also be in attendance on the day to promote its free pre-employment support programmes and fully accredited training schemes.
Jobseekers who secure a role within MAG can take advantage of a wide range of benefits during their employment.
Manchester Airport is hosting a big jobs fair next month with more than 500 roles on offer / Credit: Manchester Airport
These include discounts on public transport when travelling to work, free on-site car parking whilst working and when going on holiday, an excellent pension scheme, training programmes, retail discounts, and many more.
“We are excited to be hosting our autumn jobs fair at Wythenshawe Forum, giving people in communities surrounding the airport and beyond an opportunity to find out more about the varied career paths on offer in aviation,” commented Marcella M’Rabety, who is the Head of Social Sustainability at Manchester Airport.
“We are proud of our role in serving those communities, not just by connecting them to the places they want to fly to, but also by creating opportunities for local people and ensuring communities share in our success.”
Manchester Airport’s autumn careers fair is free for all to attend, but you’ll need to book your ticket online first here.
Featured Image – MAG
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Manchester Pride’s statement in full after performers say they’ve still not been paid
Daisy Jackson
Manchester Pride has released a statement addressing claims that some performers from this year’s festival still haven’t been paid for their work.
The charity behind the huge LGBTQ+ event has shared an update on its future amid public calls for several artists who appeared at the three-day festival to be paid.
The Manchester Pride Board of Trustees has said in a public statement that it is ‘currently in the process of determining the best way forward with our legal and financial advisers’.
Yesterday, a number of artists who appeared at this year’s celebration shared a letter that alleges they are still waiting for payment for their work at the festival, which takes place every August bank holiday weekend.
Those who have spoken out have so far included RuPaul’s Drag Race UK star Zahirah Zapanta, singer-songwriter Patrick Saint James, and actor Adam Ali.
The statement from Manchester Pride has also stressed that the welfare of its team and staff is of the utmost importance and pleaded that they be treated with ‘kindness and respect’.
“They have worked hard to deliver pride for decades and we are proud of them,” Manchester Pride wrote. “It is the board that takes responsibility for our decisions based on advice and guidance, and not our staff.”
Manchester Pride added that they aim to provide more details by Wednesday 22 October.
Their full statement is as follows: “We recognise that there has been a period of silence from us, whilst we have taken legal and financial advice. We understand the frustration this has caused and the impact this has. Our intention is to ensure that we speak with honesty, clarity, and care as we move forward.
“Manchester Pride is currently in the process of determining the best way forward with our legal and financial advisers. The aim is to provide additional communications by Wednesday 22nd October. We will provide further information to our communities and stakeholders as well. They deserve this.
“We know that moments like this can raise questions and emotions. We want to ensure that our staff, interns, artists, contractors and suppliers, who are all a part of our community, are heard and considered. The wellbeing and safety of our staff, who are all a part of the wider community is our highest priority.
“We ask that people treat our staff, from the CEO to the interns and volunteers, with kindness and respect. They have worked hard to deliver pride for decades and we are proud of them. It is the board that takes responsibility for our decisions based on advice and guidance, and not our staff.
“As part of this process, we will be reaching out to key stakeholders, partners, and media contacts in due course. Until then, we are pausing further public comment while we focus on clear and careful communication.
“Thank you to everyone who shows solidarity during this time.”