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.
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’.
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.
“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.”
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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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‘Eyesore’ Northern Quarter car park to be redeveloped as ambitious new neighbourhood
Emily Sergeant
An underused multi-storey car park in the heart of the city centre is set to be sold and redeveloped as an ‘ambitious’ new neighbourhood.
The ‘eyesore’ car park situated in Manchester’s iconic Northern Quarter will be transformed into what Manchester City Council is hoping will become a green and sustainable neighbourhood set to complement the ‘unique and independent’ ethos of the area.
It comes after developers CBRE were appointed by the Council last year to market the Church Street site for disposal, ahead of seeking formal planning permission.
The new scheme will deliver more than 300 new homes – including 60 affordable homes – alongside new commercial opportunities and high-quality public spaces.
A before and proposed after of Church Street Car Park / Credit: Manchester City Council
It’s expected that the development will respect the heritage and architecture of the historic city centre neighbourhood and help to enhance the wider area, all while improving a car park site that has long fallen out of favour.
The new neighbourhood will also feature four new public squares and green spaces, along with opportunities for pedestrianising the surrounding streets as part of the public realm.
As mentioned, commercial space is also part of the plans, as the ground floor of the building will offer a mix of smaller, more affordable units to ensure local independent businesses can access the neighbourhood, alongside units for food and beverage outlets.
“For too long, the Church Street car park has been an eyesore and a barrier to the ongoing success of the Northern Quarter,” commented Cllr Bev Craig, who is the Leader of Manchester City Council.
“We want to bring forward a world-class development that has the potential to completely transform this part of the neighbourhood, together with the newest city centre public squares and green spaces.”
The final legal negotiations will conclude over the summer, and it’s expected that a public consultation will then take place to inform a future planning application.
Featured Image – Manchester City Council
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‘Major milestone’ as planning permission secured to transform Oldham town centre
Emily Sergeant
Planning permission has been granted for six transformational sites in Oldham town centre, with developers calling it a ‘major milestone’.
This approval marks a key step forward in Muse Places and Oldham Council‘s long-term partnership with a shared ambition to deliver a ‘vibrant, inclusive, and sustainable’ town centre that not only reflects Oldham’s heritage but also meets the needs of the people who live there.
Following ‘extensive consultation’ with the local community earlier this year, where hundreds of people took park and shared valuable feedback to help shape the proposals, a total of 1,619 new homes will be delivered as part of the plans, offering a mix of high-quality, energy-efficient apartments designed for families, older people, and young professionals.
The plans also include social and affordable housing provision too in a bid to help more local people find a home that suits their needs and circumstances.
According to the Council and developers, the approved plans will bring underused sites back into ‘productive’ use and support a ‘cleaner, greener’ future for Oldham, opening the door to new opportunities for local businesses and communities alike.
“This decision marks a key milestone in delivering on our promises for Oldham,” commented Cllr Arooj Shah, who is the Leader of Oldham Council.
Planning permission has been secured to transform Oldham town centre / Credit: Muse Places
“Oldham Council and Muse have a shared, ambitious vision to create a quality place that people genuinely want to spend time in.
“I am thrilled that we can continue moving forward with our plans, delivering high-quality homes, including the provision of social and affordable homes to meet local needs. We will also support local businesses and create opportunities for everyone, as part of a clean, green and sustainable future.
“Together, we are creating a place that we can all be proud of.”
Site investigation works are now complete at the Civic Centre, and works at Prince’s Gate will begin shortly, followed by the former Magistrates’ Court later this year.
With planning consent secured and preparatory works underway, construction at Prince’s Gate is expected to begin this autumn.