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Queen Elizabeth warned monarchy could not survive end of her reign’ without crucial tax
Entertainment
Tue, Dec 15, 2020
Queen Elizabeth can see the end of the monarchy very soon, if she is not to pay a pertinent tax.
Although the British sovereign has voluntarily paid both income tax and capital gains tax since 1993, there is one tax that she is still exempt from paying.
This is the estate tax, also known as inheritance tax, because all the property she owns as the monarch cannot be sold or converted into private wealth.
Speaking about the matter, journalist David McClure said, “With estate tax later to rise to as high as 40 percent, this was a major concession in every sense.”
| UPDATED: 16:27, Mon, Dec 14, 2020
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The Royal Family has suffered financially this year due to the pandemic, with some reports claiming the Queen will see a shortfall of £30million in profits. Even so, some critics are wondering if the Government could increase the amount of tax the monarchy pays to help the whole nation get back on its feet after a terrible year. The Queen had voluntarily paid both income tax and capital gains tax since 1993 but there is one particular tax which could lead the monarchy to ruin, according to commentators.
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