Queen Elizabeth’s will and her vast fortune will be kept a secret for a long time. Here’s why | world News

She is often referred to as the richest woman in the whole world, Queen Elizabeth IIIt has a vast array of personal wealth – in investments, arts, jewelry and real estate – from decades of colonial rule. However, the value of this wealth is a secret to this day. The only question that remains is what will happen to each of her safes and who will get them.

In 2017, the royal brand itself was valued at about $88 billion by valuation consultancy Brand Finance, while the personal wealth of Queen Elizabeth II was estimated at Forbes It was said to be about 500 million dollars.

According to a PTI report, the components of her last will and will outlining how her fortune will be distributed after her death in Scotland are also expected to remain a secret for a long time.

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Historically, the will of the king has remained private with other members of the royal family. However, a report in the British daily Express stated that the Queen Mother’s will has been published – Queen Elizabeth, the first Royal.uk in May 2002.

During a legal battle over the will of Princess Margaret, the Queen’s younger sister, the court was told that “the main reason and purpose of the royal wills seal is to protect the privacy of the King”. Also, for technical legal reasons – because the late king was the source of legal authority – her will does not have to be published like the others.

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However, many of the sources of her wealth – palaces, crown jewels, works of art – do not fall into the category of her own property but are held in trust for future generations and are simply passed on to the new king – King Charles III.

In 2015, the “Sunday Times Rich List” estimated the net worth of the late British monarch at about 340 million pounds (about 400 million dollars), and the main source of the British sovereign’s personal funds is the Duchy of Lancaster – the sovereign’s private property, existing only to give the ruling monarch an income.

In the financial year ending March 31, the property was valued at around £652 million, and had a net surplus of £24 million.

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according to timesAs it is the inalienable asset of the Crown, it will not even appear in the Queen’s will and simply pass from Sovereign to Sovereign, without paying any tax.

The paper notes that there was no inheritance tax subject to an inheritance tax on the Queen’s personal wealth due to a deal struck in 1993 with the then-John Major government in which the Queen agreed for the first time to pay income tax. As part of that agreement, it was stipulated that sovereign wills would be exempt from inheritance tax.

The Treasury’s Memorandum of Understanding on Royal Taxation, written in 2013, states that “the reasons for not taxing assets that pass to the next sovereign is that private assets such as Sandringham and Balmoral have an official as well as private use and that the monarchy as an institution needs adequate private resources.” To enable it to continue to perform its traditional role in national life, and to obtain a degree of financial independence from the present government.”

Britain’s longest serving monarch died on Thursday. She was surrounded by her near and dear ones in her last moments. On Saturday, Queen Elizabeth II’s son and heir Charles III was declared king. He reaffirmed the tradition of handing over all royal revenue from the Crown’s ownership to the nation, in exchange for the Sovereign Grant covering the costs of the United Kingdom’s royal family.

(with agency input)

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