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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We’ve teamed up with a new creative hub to offer an exciting opportunity to a rising Manchester star
Danny Jones
Truth be told, there are creative opportunities to be found all across Greater Manchester, but you won’t find many quite like this…
Content creation is an ever-growing industry and the demand for roles in this ever-evolving space is higher than ever; the problem is, lots of people are unsure of how exactly to get started.
That’s why anyone interested in the sector should be very excited about the latest development over in MediaCity – we certainly are, and that’s why we’ve teamed up with them for something special.
First of all, let’s do introductions: welcome to the ‘Content Studio’.
Designed to cater to the growing climate of cutting-edge content creation and offer a professional workspace at an accessible rate, the Content Studio provides a range of versatile creative spaces including light, dark and podcast studios, perfect for video production, castings, photoshoots and more.
Curated by University of Salford alumni, Ashley Salmon, the studio has been built to meet the needs of modern content creators, influencers, social media stars, brands and businesses of all kinds.
Promising to offer both a dynamic and inspiring space where people can produce high-quality and innovative content while fostering a supportive creative community, this place aims to live up to Greater Manchester’s media reputation: industry-leading.
The Content Studio will also be made accessible to students spending time over in MediaCity and beyond, with a good chunk of the core production team comprised of recent graduates from Salford, giving them a valuable platform to showcase their skills and kickstart their careers.
As the previous video detailed, we’re working with MediaCity to identify their next ‘Creator in Residence’, an exclusive opportunity being made available to just one inventive individual this year.
Put simply, we’re looking for Greater Manchester’s next rising star, an entrepreneur or someone who is looking to start out in the creative space. So what does one lucky winner get with the prize?
Well, all of this:
Three-month Content Studio residency worth over £1,000 at MediaCity
Free use of content creation space, subject to availability
£200 budget to decorate the space/purchase props
Equipment hire and tech support – cameras, lighting, audio, director and camera operator for a day (£2k value from Badger and Combes)
Access to three hours of mentorship with creative director Steve Moyler (1x a month or 1x 3h slot)
£150 Black card to spend with local independent food residents
Access to a social media crash course with The Manc
If this sounds like an opportunity you or someone you know might be interested in, you can fill out the form HERE to be in with a chance to access one of the most incredible creative opportunities anywhere in Greater Manchester.
Terms and conditions
By entering this competition, you agree to the terms set by MediaCity:
As the ‘Creator in Residence’ you will commit to at least 2.5 days in residence in the MediaCity Content Studio
As the winner you will agree to be profiled on MediaCity/The Manc platforms
Any social content produced in the Content Studio will tag #mediacitycontentstudio and #madeinmediacity
Must add @MediaCityUK as a collaborator on all content being published on socials
No cash equivalent will be given for the prize.
The deadline for application is Wednesday, 12 March, so don’t miss out. Good luck!
Featured Images — Sophia J Carey (supplied)/The Manc Group
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LF System, DJ Paulette and Turno announced as headliners for ‘The Drop’ music series
Thomas Melia
A returning music series is taking place in Manchester again and it’s bringing together even more great DJs for some fantastic live sets.
Titled ‘The Drop’, this music celebration is the mastermind of Skiddle and Headstock, who have collaborated to raise funds to support the music industry and mental health awareness.
Both the leading organisations put music at the forefront of what they do with Skiddle as a UK-based online ticket platform and Headstock, a hugely important music and mental health social enterprise.
‘The Drop’ is a monthly event series created to raise funds for several charities that exist to support the mental health of people working in the music industry.
Credit: Publicity Picture (Supplied)
This all-new event has support from The Warehouse Project, one of the leading nightlife and music entertainment spots not just in Manchester but the UK, bringing in acts from all over the world.
There are lots of music-tailored companies getting involved too including our very own music counterpart, Audio North.
Currently, there are three big headliners that have just been announced and these acts are certainly music champions in the dance music scene, featuring LF System, DJ Paulette and Turno.
LF System has reached incredible heights thanks to their unforgettable tune ‘Afraid To Feel’, which has now racked up nearly 500 million Spotify streams globally since its release in 2022.
Manchester music legend and Haçienda queen, DJ Paulette has also seen huge success with her mind-blowing mixes and soundtracking various music events.
The final headliner to be announced so far is Turno, who has played out to crowds of 10,000 at WHP and is respected for his eclectic drum and bass beats.
DJ Paulette is always lifting our energy no matter where she goes.Turno is about to bring some drum and bass bangers.LF System are ready to show off some well-crafted mixes.Credit: Publicity Pictures (Supplied)
‘The Drop’ kickstarts on 27 March for the Spring season with international DJ and producer Turno from 6:30-11pm, with sets happening every month following, tickets are already available.
Read more:
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Following on from this is the sensational LF System are taking over with a coffee table set joined by some special yet-to-be-announced guests on 24 April – tickets HERE.
Finally, DJ Paulette will be bringing those massive rave bangers and combining it with her usual charismatic energy on 15 May – grab your tickets now.