Queen Elizabeth II, who died last week aged 96, had no traditional salary. But, she received money from a taxpayer funded program called Sovereign Grant and inherited land, castles and various other assets from her ancestors. She was estimated by Forbes to have a personal worth of approximately C$657 million.
The Queen’s sources of income include the Crown Estate, a private estate, a stock portfolio and personal property.
His personal possessions include his valuable stamp collection, several works of art, jewelry, and horses. She also has a massive stock portfolio. An international project called the Panama Papers revealed in 2017 that $17 million of his money was invested in offshore portfolios in the Cayman Islands and Bermuda.
The Crown Estate property includes Buckingham Palace, Windsor Castle and Holyrood Palace.
The Queen’s annual Sovereign Grant comes from the profits of the Crown Estate, in return for ceding the rest of the revenue to the British Government. About 15% of the revenue from the Crown Estate is paid to the reigning monarch. The percentage is determined by the UK government and is subject to change.
For example, it was agreed that in 2017 the Queen would receive 25% for the next 10 years to help fund the refurbishment of Buckingham Palace.
The grant was used to pay for his royal duties, including official engagements, and payroll for his staff.
The Sovereign Grant for 2021-22 has been set by the UK government at almost $131 million, or almost $2 per person in the UK according to financial reports from the Royal Family.
The UK Government’s Treasury is also required by law to top up the grant if Crown Estate profits fall to avoid lower targets. This took place in 2020.
As the next monarch, King Charles III will also receive this grant.
The Queen’s private estate, inherited from her father, includes Balmoral Castle in Scotland and Sandrigham in the UK
Like all other members of the royal family, the queen had a will to determine who would inherit her resources. Although royal wills are not released to the public, the Queen’s heir, King Charles, will inherit Balmoral Castle and the House of Sandringham, according to CTV News royal commentator Richard Berthelsen.
“There may be other bequests to individuals or family members, maybe even staff, but generally everything is inherited in terms of personal property by the king in a personal capacity,” Berthelsen told CTVNews. .ca Tuesday.
Crown Estate property including Buckingham Palace, Windsor Castle, Holyrood Palace and a variety of other items including the Crown Jewels, an art collection and archives will remain also the property of the reigning King Charles, in his official capacity, Berthelsen said.
“One must distinguish between private property and state property, both of which go almost all to the king, and all official property which is held in trust for the nation, such as art and jewellery,” he said. he declared.
It remains unclear who will receive the Queen’s private assets, including her stock portfolio and other investments.
Although there is a 40% inheritance tax in the UK, King Charles will not pay tax on the wealth inherited from his mother due to a government memorandum applying to sovereigns for estates. worth more than $493,553.
The memorandum notes that certain royal assets are held by the Queen “as a sovereign rather than as a private individual” and that “it would clearly be inappropriate for inheritance tax to be paid on such assets”.
The official residences, the Royal Archives and the royal collection of paintings and other works of art are examples of these types of assets.
But, other inheritances left to other family members are unlikely to be exempt from tax because they do not meet the value threshold.
King Charles III passed the Duchy of Cornwall – a vast private estate comprising land and estates covering almost 140,000 acres and worth $1.5 billion – to his eldest son, Prince Wiliam. reported CNN.
Although the estate’s income is not publicly disclosed, the Duchy of Cornwall’s website says it is “used to fund the public, private and charitable pursuits” of the Duke of Cornwall, a title traditionally reserved for the monarch’s eldest son. prevailing. It is considered a source of high income for the royal family.
It has still not been announced what the Queen left to her other children – Princess Anne, Prince Andrew and Prince Edward – her grandchildren and other loved ones.
Currently, Fortune Magazine estimates the value of King Charles III at around $578 million, while Forbes estimates his real estate holdings to be worth around $1.8 billion.
With files from Associated Press and CNN