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Why King Charles will pay no IHT on the Queen’s fortune!!nnSeveral papers look at inheritance tax following reports that King Charles is not liable fornthe levy on the wealth and assets he is set to inherit from the Queen due to a dealnnegotiated between the crown and the Government in 1993 which effectively exemptsnthe monarch in such situations. nThe deal confirming the exemption of the monarchy from inheritance tax was never written into law, but was part of a more informaln“memorandum of understanding” between the government and the palace.nThe Memorandum of Understanding on Royal Taxation says some royal assets are held bynthe Queen as “as Sovereign rather than as a private individual” and that “it would clearlynbe inappropriate for inheritance tax to be paid in respect of such assets”.nnThe Independent notes that the sovereign pays income and capital gains tax on an“voluntary basis” and inheritance tax on the basis described in the memorandum, anbasis that did not include the monarch dying and passing their wealth onto the nextnmonarch. nThe Standard highlights that according to the Sovereign Grant Act 2011, “thenMonarch is not legally liable to pay income tax, capital-gains tax, or inheritance taxnbecause the relevant enactments do not apply to the Crown.” The Queen, it adds,nstarted paying income and capital-gains tax on the estate of her own accord in 1993.nSky News Evening Standard The Independent...