When the Queen died, fortunes passed down the line of succession along with titles.
Her death made her eldest son a hugely rich man as well as King, while his heir secured a guaranteed income of more than £20m a year along with the title Prince of Wales.
The Royal Family is funded by a rackety collection of assets with roots in the Middle Ages, refined over time in deals with parliament, the most recent in 2012.
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Negotiated by George Osbourne, it guaranteed revenue streams for the monarch, their heir and the wider family, while leaving the question of tax largely voluntary.
The principal source of the King’s funding is the Sovereign Grant, calculated as 25% of the profits of the Crown Estate, a £15bn portfolio of commercial and residential property, agricultural and marine land owned by the Crown, not the individual monarch.
In 2021-22 it was worth £86.3m, of which £52m covered official travel, the cost of employing almost 500 members of the Royal Household, and maintenance of the Occupied Royal Palaces; Buckingham Palace, Windsor Castle, Clarence House, St James’s Palace, Kensington Palace, Marlborough House Mews and Hampton Court Mews.
The remaining £34m was allocated to an ongoing “re-servicing” of Buckingham Palace. The Sovereign Grant was increased from 15% of revenue to 25% in 2018 to cover the total cost of £369m over 10 years.
Handily for the monarch, the value of the Sovereign Grant cannot go down even if revenue falls, though that may be unlikely given its ownership of much of the UK seabed, on which lies hugely lucrative licences for offshore wind turbines will be granted in coming years.
No inheritance tax
King Charles will also draw income from the Privy Purse, made up primarily of the net revenue of the Duchy of Lancaster, a £600m portfolio of land and property assets worth £22.3m in 2020-21.
The Queen used this to cover the cost of expenses incurred by other members of the Royal Family including his siblings Prince Andrew, Princess Anne and Prince Edward, but not his heir.
The Queen also enjoyed private wealth estimated at more than £350m, including ownership of Balmoral and Sandringham. If, as presumed, the bulk of her wealth passes to King Charles, he uniquely will not have to pay inheritance tax on his new fortune.
Gifts from monarch to monarch are exempt from death duties, though bequests to her other children, or any other individuals or entities, will be taxable.
No probate for this will
We will never know the details, however, because the sovereign’s will remains sealed, the only will in the kingdom that does not have to pass into probate.
The Sovereign Grant is not taxed, but since 1993 the Queen has voluntarily paid income tax on revenue from the Duchy of Lancaster not used for official purposes. King Charles is yet to confirm he will do similarly.
As heir to the throne, Prince William, his wife and children will now benefit from the Duchy of Cornwall, a £1bn portfolio of agricultural land, property and investments that includes the Oval Cricket Ground & the Isles of Scilly.
Voluntary income tax
The estate paid the now-King £23m in the past financial year, earnings that are exempt from corporation and capital gains tax, and only subject to voluntary income tax on the net surplus after unspecified deductions.
Having decided to leave the working royal stable, the Duke and Duchess of Sussex now rely on trading off their talents and residual titles, with income from various media deals including a £20m book contract.
In a profound irony, Harry and Meghan have signed a reported $100m deal with Netflix, which owes much of its dominance in the streaming market to The Crown, a dramatisation that has done for the Windsors what Shakespeare did for the Plantagenets, and costs more to produce per-series than the annual Sovereign Grant.
None of these income streams cover the cost of royal security, widely estimated at more than £100m a year and borne by the taxpayer, or the price of royal visits often funded by local authorities.
Nor does the Royal Family pay for its own celebrations. The Treasury set aside an additional £28m to fund the recent Platinum Jubilee, the majority of which was spent on four-days of pageantry in central London.
Even with a conservative annual bill of £250m, the monarchy’s advocates argue they more than pay their way.
Does tourism foot the bill?
Tourism is routinely cited as their greatest benefit, yet revenue from the five royal palaces open to the public was just £9.4m last year, and only just exceeded £20m pre-COVID, and none are in the top 20 most visited popular attractions in Britain. With 1.5 million visitors, Windsor Castle ranked only 23rd, behind Chester Zoo, Stonehenge and Tate Modern.
Compare that with the appeal of Versailles, the palace of the long-gone French monarchy, which attracts almost 10 million visitors a year, and it suggests the UK’s palaces underperform.
Less quantifiable, but almost certainly more precious, is the brand value the Windsors bring to the UK. They lend Britain’s diplomats soft power and its businesses a unique selling point.
‘Don’t mess with the monarchy’
One FTSE 100 executive, recently returned from an investor tour of the US, remarked: “Don’t mess with the monarchy. After Brexit, and with all the dysfunctional politics, it’s about the only thing the rest of the world thinks still works in Britain.”
That lustre may even be enhanced by the Queen’s passing and the sustained display of pageantry and proclamation the past week has brought.
Weddings, divorces, defections and disgrace
She has been mourned around the world, with messages of goodwill from Beijing to Paris, and her funeral will take its place in the dramatic arc of weddings, divorces, defections and disgrace that have captured global attention throughout her reign.
King Charles, ascending at the height of a cost-of-living crisis and without the depth of goodwill enjoyed by his mother, will face greater scrutiny of his household and expenditure, not least how he will use at least eight palaces and private homes now available to him, and how many of the family will benefit.
Every CEO will tell you stability is the greatest asset of any business, and the Queen’s passing cannot but bring uncertainty, but The Firm’s income under Charles III is at least guaranteed.
And as the Elizabethan era ends with the first full state funeral of the colour TV age, the world will still be watching.
Whether the King can maintain the value of the Windsor stock, and public consent for the financial settlement, will be more a question of politics and philosophy than economics.
The family of a man shot dead by police have called for a murder investigation into his killing – and have questioned whether his life would have been “cut short” if he were not black.
Chris Kaba, who was due to become a father within months, died after a chase involving armed officers that ended in Streatham Hill, south London, on Monday night.
His Audi was hemmed in by two police cars in a narrow residential street before one round was fired from a police weapon.
His family said on Wednesday they were “devastated” and needed “answers and accountability” over his death.
A statement released through the charity Inquest said Mr Kapa’s family “seek a homicide investigation into his death from the outset”.
The Independent Office for Police Conduct (IOPC) have been told of the demand of the family who “do not want any delay as has happened in other fatal shootings – otherwise we and the wider public can have no confidence that the police will be held to account”, the statement added.
The family said: “We also want the IOPC to tell us whether or not a weapon was found in any search of the vehicle that Chris was driving.
“We have not received this information even though the shooting happened almost two days ago.”
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Streatham shooting: ‘He was so loved’
Mr Kapa’s family have appealed for any witnesses to the pursuit or the shooting to come forward.
“We are devastated; we need answers and we need accountability,” they said.
“We are worried that if Chris had not been black, he would have been arrested on Monday evening and not had his life cut short.”
The Metropolitan Police earlier expressed its condolences to Mr Kaba’s loved ones, saying the force understood that “the family and community want answers”.
Commander Alexis Boon said the incident was “extremely concerning” and vowed the force would co-operate with the police watchdog in its aftermath.
The officer said: “I would like to express my sincere condolences to the family and friends of the man who died and I recognise the devastating and lasting impact this tragic incident will have on them.
“I understand that this incident is extremely concerning and I would like to reassure the community that the Met is co-operating fully with the Independent Office for Police Conduct (IOPC) as they carry out a thorough and independent investigation.”
The shooting is being investigated by the IOPC, as is standard in deaths following police contact.
Speaking at the scene on Tuesday, Kim Alleyne, whose daughter Karimah Waite was engaged to Mr Kaba, said of him: “He was so loved. He was so funny. He was super kind. Crazy. He was always happy. He’d do anything for you.
“He was a fiance, he was due to get married in five months’ time. He’s got a baby on the way that he’s never going to see.
“It’s horrible and so shocking and so sad.”
Some paying tribute at the scene said Mr Kaba was a rapper known as Madix or Mad Itch 67.
Jefferson Bosela, who was Mr Kaba’s cousin, said: “He was a good person, a good, happy guy. He didn’t deserve that. No-one deserves that.
“Nobody deserves to be shot by the police, whether they are a good person or a bad person.”
A man shot dead by police after a car chase in south London has been named.
Chris Kaba, who was in his 20s, died in hospital in the early hours of Tuesday morning after being shot at about 10pm in Kirkstall Gardens in Streatham Hill.
Metropolitan Police officers said they used a tactic where they deliberately crash into a car in an attempt to bring the chase to an end in the residential street.
Local residents reported hearing gunshots and the police helicopter hovering overhead.
Friends gathered at the scene of the shooting on Tuesday, questioning whether the man who was shot had been carrying a gun.
Police said Mr Kaba received first aid from officers at the scene before being taken to hospital, but he died at 12.16am.
Cordons are in place on Kirkstall Gardens and New Park Road, with a forensic tent put up and officers gathering evidence at the scene.
The Independent Office for Police Conduct (IOPC), the police watchdog, said it declared an independent investigation shortly before midnight, as is standard after a police shooting, and investigators were sent to the scene.
The regulator said: “Our thoughts and sympathies are with all of those affected by this terrible incident.
“Our investigation remains in the very early stages.”
A second man has been arrested by armed police on suspicion of the murder of nine year-old Olivia Pratt-Korbel.
The 33-year-old, from Dovecot, was also arrested on suspicion of two counts of attempted murder.
He was detained by armed officers on Lunsford Road on Friday afternoon.
A Merseyside Police spokesperson said: “The investigation in to Olivia’s tragic murder is ongoing and we still need to build up a strong evidential picture so that we can bring those responsible to justice.”
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Earlier, detectives released an image of an Audi Q3 that was believed to have taken Joseph Nee, the 35-year-old man who was injured in the shooting, to hospital.
The vehicle has been seized and it is in the process of being forensically examined.
More on Olivia Pratt-korbel
Detective Superintendent Mark Baker said: “I want to make it completely clear that we need any information about this vehicle or the wider investigation as much as ever.
“Whatever information you have, and whether you are sure that it is the same vehicle or not, pass it on and we will assess its importance.”
Aerial footage showing the arrest of a 36-year-old man on suspicion of Olivia’s murder on Thursday night was also released.
That suspect was also arrested on two counts of attempted murder during the armed police operation.
Olivia’s family has paid tribute to her, describing her as a “unique, chatty, nosey little girl who broke the mould when she was born”.
They added: “Although her life was short, her personality certainly wasn’t and she lived it to the most she could, and would blow people away with her wit and kindness.”
The family has urged people to “do the right thing”, and said: “If anyone knows anything, now is the time to speak up. It is not about being a ‘snitch’ or a ‘grass’, it is about finding out who took our baby away from us.”
The family of an 87-year-old man were forced to build a makeshift shelter around him using a football goal after he was left waiting 15 hours in the rain for an ambulance.
The great-grandfather, David, suffered serious injuries including seven broken ribs, two fractures to his pelvis and an arm wound after falling over at his home in Cornwall.
His daughter, Karen, and his son-in-law, Trevor, called 999 at 7.30pm on Monday but were left waiting for paramedics until 11.30am the following day.
Operators had told the family not to move David in case it made his injuries worse, forcing them to leave him outside overnight.
Throughout the evening, Karen and Trevor said they made four or five calls to 999, and were given several assurances that paramedics would be with them “soon”.
As it started to pour down with rain, the couple used a football goal, umbrellas and tarpaulin to create a shelter for the pensioner in an attempt to shield him from the elements.
The incident comes amid lengthy waiting times for hospital treatment in Cornwall – with patients saying they have waited outside hospital in ambulances for hours and even days.
‘It was traumatising’
“He was walking to the garage when he tripped and fell over,” said Trevor.
”We dialled 999, but an ambulance didn’t arrive for over 15 hours. We kept ringing and they would say we will be with you soon.
“My wife was a nervous wreck.
”They kept telling us not to move him, so we borrowed a football goal from next door and used a tarpaulin. It was traumatising.”
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David, who lives in the small Cornish village Saint Columb Road, is now recovering at Royal Cornwall Hospital in Treliske.
A spokesperson for the Cornwall and Isles of Scilly’s integrated care system said: “Like other parts of the country, our health and care system continues to experience pressure.
”The reasons for this are complex, including high demand for primary and secondary care, mental health services and adult social care.
“Our teams continue to work together to support people who need our care and we encourage people to use the most appropriate service – including your local pharmacy, minor injury units or 111 online – to keep our emergency departments and 999 service available for people with urgent and life-threatening needs.”
Cornwall Partnership NHS Foundation Trust has been approached for a comment.