Queen Elizabeth may not see the monarchy flourishing for years to come, if she does not pay a very crucial 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.”
He noted that one of her biographers said the tax break was “crucial”.
“Without it, the Royal Family and their way of life would not survive the end of Elizabeth’s reign.”
At the time she ascended the throne, the Queen was one of only two monarchs in modern British history to be exempt from taxes.
However, this changed after public outrage and the monarch has paid major taxes since 1993.