Queen Elizabeth II passed away just a few hours ago, bringing her 70-year-long rule to an end. While millions of people, including her family, grieve their Queen’s loss, multiple practical questions also come up. The British Monarch was one of the wealthiest people in the country. Therefore, the question arises, who would inherit the millions of pounds of wealth? Let us take a look into who may be in line to inherit the grand fortune.
Queen Elizabeth Reign and Death
Born to the Duke and Duchess of York, Queen Elizabeth II was born in Mayfair in 1926. Her father went on to become the British monarch, King George VI. Hence, being the king’s oldest daughter, put her next in line to the throne. She married Philip Mountbatten in 1947, with whom she had 4 children, namely Charles III; Anne, Princess Royal; Prince Andrew, Duke of York; and Prince Edward, Earl of Wessex.
Following the death of King George VI in 1952, Elizabeth inherited the throne, becoming Queen Elizabeth II. Her position as the Queen of England lasted for a solid 7 decades. The Queen recently celebrated the platinum Jubliee of her reign. However, after 70 years and 214 days in office, the Queen passed away at the age of 96. The official Twitter account for the Royal Family posted a tweet on 8th September 2022, alerting the public of their Queen’s demise. According to the tweet, Queen Elizabeth died peacefully in her Balmoral Castle estate in the Scottish Highlands. With over 7 decades in office, the British Monarch became the longest reigning monarch in British history. Further, she was also the second longest reigning monarch in the history of the world.
While the Queen did only recently pass away, her deteriorating health was not a secret. How Did Queen Elizabeth Die? For years now, the Queen’s health progressively declined. As a result, she took a step back from her National duties, letting Prince Charles take on a more prominent role in the dealings. Her eventual demise put Operation Unicorn into action. Flags all across the UK are now at half-mast to mark the unfortunate happening. Upon the Queen’s death, Princess Charles (her oldest son) now takes control of the British throne. Although, his official coronation ceremony would take place after the specified mourning period.
Queen Elizabeth’s Wealth
Being the Queen of England, it should come as no surprise that the monarch had an enormous net worth. According to Celebrity Net Worth, the Queen’s net worth stood at a whopping USD 600 million.
The exact details of Queen Elizabeth’s wealth distribution are yet to be revealed. Having multiple heirs, it is obvious that some chunks of her wealth will divide among her family. Nevertheless, with Prince Charles now becoming the new King of Britain, the majority of the Queen’s wealth goes to him. Unlike the general public, the Queen’s wealth must remain intact, rather than being broken down and fully distributed. Hence, since Prince Charles is the heir apparent, he receives the biggest chunk of the fortune.
Prince Charles Exempted from Paying Inheritance Tax?
Interestingly, Prince Charles would be exempt from paying the 40% inheritance tax that most British nationals have to pay. Being a British monarch surely has its perks, and this definitely, is one of them. As per the tax inheritance bill, each UK citizen must pay a 40% inheritance tax on any inheritance that exceeds £325,000.
A statement by Hart Reade Solicitors confirmed, “A special deal struck with the Government means any assets left by a UK monarch to their immediate successor will be free from inheritance tax, although gifts left to other children or relatives will be taxed in the usual way.”
As seen in the statement, it is only Prince (now King) Charles that gets to avoid the property tax. All other members of the royal family would still come under the obligation of paying the necessary tax on their inheritance.
While this may seem like a huge advantage, this deal with the British government does have its restrictions as well. As per the bill, the exemption only applies if all the Queen’s personal wealth gets passed down to her son, Charles. This means that no other member of the Royal Family could receive the Queen’s fortune.
As per Fisher Jones Greenwood Solicitors, the reason for doing so is to protect the British Monarch’s wealth from eroding. The Sovereign did not work or invest to increase her assets, unlike any normal human. Hence, if each time the wealth was to be inherited, if it faced the inheritance tax, it would soon scatter. Therefore, it seemed essential to allow for this exception to preserve the monarch’s wealth.
What other benefits have her majesty the Queen left behind?
A deal signed back in 1993 between the government and the Queen exempted the Queen from paying tax on some parts of her estate. This meant that any artworks or paintings owned by the monarch did not come under tax obligations. Furthermore, the Queen’s official place of residence did not come under this tax bracket either. Nonetheless, her private properties such as the Balmoral Castle and Sandringham House did come under the inheritance tax. For years, the Queen received significant profits from her private properties, all of which came under the Crown Estate. Conversely, with the tax fully waived off for King Charles, he would no longer have to pay an inheritance tax on these private estates either.
Queen Elizabeth had a long and significant reign as the Queen of England. Over the course of her 70-year-long position in the office, not only did she fulfill her duties as a royal, but she also made an impressive investment portfolio for herself. All of her personal wealth now goes to King Charles III as he now prepares himself to take control of his deceased mother’s position in the office. Read about Queen Elizabeth II Funeral and What To Expect?
