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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Workers at major Manchester city centre hotel to strike this bank holiday weekend
Emily Sergeant
Workers at one of the most prominent hotels in Manchester city centre are set to strike this bank holiday weekend.
Workers at Kimpton Clocktower Hotel and its bar venue The Refuge, who are members of the union Unite, will take 24 hours of strike action on Saturday (29 August) in what is said to be a ‘long-running dispute’ over union busting.
The strike day chosen by the workers is the second day of this year’s Manchester Village Pride, and is historically the most lucrative day of the year for their employer.
This is because Kimpton Clocktower is located very close to the Pride Parade route, and for several years has been a very popular location for people attending the festival, and even runs a number of Pride events itself.
Unite says that for months now, workers at the Kimpton Clocktower – which is owned by InterContinental Hotels Group UK (IHG) – have been asking for formal union recognition to improve conditions after raising several issues with management, but IHG UK has refused this and instead ‘targeted’ the union for its actions.
Workers at a major Manchester city centre hotel are set to strike this bank holiday weekend / Credit: Rebecca Hope Photography (Supplied)
Previous strikes have already taken place this summer, apparently causing ‘financial hits’ to the business in the process – with the bar being forced to close early at several events as there were not enough staff to cover them.
“A strike on Kimpton’s most profitable day is entirely of its own making,” commented Unite regional officer, Alison Treacher. “Throughout this dispute, Kimpton Clocktower management have treated its loyal workforce with contempt and our members have shown they will not stand for it.
“There is still time to avoid this highly disruptive strike action, but that relies on IHG changing tack by listening to its members and giving them the union recognition they have long been calling for.”
This dispute is said to be the first ever hospitality strike in the North West.
Unite is currently running a petition demanding that IHG UK stop targeting union activists, recognise the Kimpton workers rights to have their grievance heard collectively, and support their union recognition campaign.
Featured Image – LJK Photography (Supplied)
News
Remarkable Lake District rescue of dog missing for THREE WEEKS
Daisy Jackson
A dog who was missing for almost three WEEEKS in the Lake District has, miraculously, been rescued.
Little Teddy went missing on 2 August, disappearing from his owner on Helvellyn.
Volunteers from Keswick Mountain Rescue Team spent the following weeks searching for the scrappy dog, with one eventually hearing him barking from Dry Gill.
The poor dog had got stuck in the gill in a dangerous location that required a full team of seven to bring him to safety.
Remarkably, Teddy appeared to be uninjured, though he had lost quite a bit of weight after three weeks living wild on the fell.
His rescuers gave him a small amount of food before securing him in a rucksack and carrying him back to Swirls car park.
The whole rescue took around three and a half hours, when Teddy was reunited with his very relieved owner and taken to the vets.
Teddy making his way down from HelvellynTeddy the dog was part of a rescue mission in the Lake DistrictTeddy was rescued after three weeks missingCredit: Keswick Mountain Rescue
Keswick Mountain Rescue said: “The team are absolutely delighted to share this update, as the news of this missing dog had deeply affected so many people across our local community.
“A remarkable outcome after nearly three weeks on Helvellyn, and a huge well done to everyone who kept searching and never gave up on Teddy.”
The mountain rescue team is funded entirely through donations – you can use ‘Buy me a coffee’ to make a small donation HERE, or donate the normal way HERE.
Georgina Pellant -
13th September 2022 
