Queen ElizabethThe royal family is funded in part by taxpayers. But, is the reigning monarch of England a taxpayer? While there are many ways royals can give back to their country, how many actually pay taxes? We investigate.
Is Queen Elizabeth responsible for British taxes?
Though many might believe the finances of the British royal family to be a mystery, there’s actually quite a lot of publicly available information about the subject. While Queen Elizabeth is the reigning monarch and has many duties that support and enrich her subjects, does she also have to pay taxes like them?
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Although it is not mandatory for the queen to pay taxes since 1993, she has been voluntary paying income taxes on her income since 1993. In 1992, she pledged to pay both personal income tax and capital gains taxes. According to the royal family’s website, “The Queen has always been subject to Value Added Tax and pays local rates on a voluntary basis.”
Who pays their taxes?
The queen isn’t the only member of the royal family to pay taxes. Prince Charles, her son, pays taxes voluntarily, but he is not technically required to. As the Prince of Wales and heir to the throne, Charles is given the annual net surplus generated by the Duchy of Cornwall, though he is not the Duchy’s owner. Charles pays the highest income tax at his discretion.
Other ways royals financially contribute
The royal family not only pays taxes but also contributes to the British economy in many other ways. Tourists love to visit royal events such as weddings and large celebrations like Trooping the Colour and the recent Platinum Jubilee celebrations. According to some reports, even the birth of royal babies can attract tourists from all over the globe more than the average year.
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There’s also the economic impact of other actions and choices made by members of the royal family. For instance, Kate Middleton’s outfits at public events are often scrutinized and local designers often see a boost in sales when their pieces are highlighted in the media. That’s partially the reason why royal brides tend to choose British designers for their wedding gowns.
In one way or another, whether it’s by literally paying taxes or the many charities they head, the royal family gives back to the country that supports them.