Queen Elizabeth II, who died last week aged 96, did not have a traditional salary. But she received money from a taxpayer-funded program called the Sovereign Grant, and inherited lands, castles, and various other assets from her ancestors. Her personal value was estimated by Forbes at around CAD 657 million.
The Queen’s sources of income include the crown estate, private property, a stock portfolio, and personal fortune.
Her personal possessions include her valuable stamp collection, several works of art, jewelry and horses. She also has a huge stock portfolio. An international project called the Panama Papers revealed in 2017 that $17 million of their money was invested in offshore portfolios in the Cayman Islands and Bermuda.
The Crown Estate’s properties include Buckingham Palace, Windsor Castle and Holyrood Palace.
The Queen’s annual Sovereign Grant comes from the Crown Estate’s profits, in exchange for the rest of the revenue going to the British Government. Approximately 15 percent of Crown Estate revenue is paid to the reigning monarch. The percentage is set by the UK government and is subject to change.
For example, it was agreed that in 2017 the Queen would receive 25 percent over the next 10 years to fund the renovation of Buckingham Palace.
The bursary was used to pay for her royal duties, including official engagements, and her staff’s payroll.
The Sovereign Grant for 2021-2022 has been set by the UK government at nearly $131 million, which equates to nearly $2 per person in the UK, according to the Royal Family’s financial reports.
The UK Treasury is also required by law to top up the grant if Crown Estate’s profits fall to prevent targets from falling. This happened in 2020.
The next monarch will also be King Charles III. receive this grant.
The Queen’s private estates, inherited from her father, include Balmoral Castle in Scotland and Sandrigham in the UK
Like all other members of the royal family, the Queen had the will to determine who will inherit her resources. While royal wills are not revealed to the public, the Queen’s heir, King Charles, will inherit Balmoral Castle and Sandringham House, according to CTV News royal commentator Richard Berthelsen.
“There may be other bequests to individuals or family members, maybe even associates, but generally everything related to personal property is inherited by the king in his personal capacity,” Berthelsen told CTVNews.ca on Tuesday.
Crown estate property, including Buckingham Palace, Windsor Castle, Holyrood Palace and a host of other items including the crown jewels, an art collection and archives, will also remain the property of the reigning King Charles in his official capacity, Berthelsen said.
“You have to distinguish between private property and state assets, both of which almost all go to the king, and all official assets that are held in trust for the nation, such as art and jewels,” he said.
It’s still unclear who will receive the Queen’s private wealth, including her stock portfolio and other investments.
While there is an inheritance tax of 40 per cent in the UK, King Charles will not pay tax on wealth inherited from his mother under a government memorandum applicable to assets worth over $493,553.
The memorandum notes that some royal assets are held by the Queen “as a sovereign and not as a private individual” and that “it would be clearly inappropriate to pay inheritance taxes in respect of such assets”.
Official residences, the royal archives and the royal collection of paintings and other works of art are examples of these types of assets.
However, inheritances left by other family members are unlikely to be exempt from tax as they do not meet the value limit.
King Charles III has passed the Duchy of Cornwall – a sprawling private estate with nearly 140,000 acres of land and property valued at $1.5 billion – to his eldest son, Prince William, according to CNN.
While revenue from the estate is not publicly disclosed, the Duchy of Cornwall’s website says it is used “to fund the public, private and charitable activities” of the Duke of Cornwall, a title traditionally bestowed on the reigning monarch’s eldest son is reserved. It is considered a source of high revenue 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 – to her grandchildren and other close relatives.
Currently, Fortune Magazine estimates the value of King Charles III. at around $578 million, while Forbes estimates his real estate holdings at around $1.8 billion.
With files from Associated Press and CNN
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