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"Memorandum Of Understanding On Royal Taxation".pdf

mou_royal_taxation.pdf

Preview of "Memorandum of Understanding on Royal Taxation"

🔗 Source: gov.uk

📊 Size: 357 KB

👤 Author: HM Treasury

⬇️ Downloads: 72

Summary

The UK monarch and Prince of Wales make voluntary tax payments, despite not being legally liable for income tax, capital gains tax, or inheritance tax. The monarch pays income and capital gains tax on a voluntary basis, and inheritance tax on asset transfers. The Prince of Wales pays tax on his Duchy of Cornwall income not used for official expenditure. Tax is paid on private income sources, and the monarch's Privy Purse income is taxed if not used for official purposes. Capital gains tax is paid on gains from private asset disposal since 1993.

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Description

The UK monarch and Prince of Wales make voluntary tax payments, despite not being legally liable for income tax, capital gains tax, or inheritance tax.

Technical Information

File Format: PDF
File Size: 357 KB
Pages: 19
Language: EN
Author: HM Treasury
Total Downloads: 72
Last Updated: 1 week ago

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