TaxPersonal TaxRevenue to miss out on £20m tax from Queen mum

Revenue to miss out on £20m tax from Queen mum

The Inland Revenue will lose out on an estimated £20m in inheritance tax, which the Queen is exempt from paying, when she inhertis her late mother's £50m fortune.

Under normal Revenue IHT rules, all inherited income, above £250,000, is taxed at a rate of 40%, but the royal family is exempt from paying the tax.

According to reports in the media, this latest exemption is likely to add to fuel to the Republican lobby, which was dampened somewhat by the public show of support following the death of the Queen mum.

Since 1993, the Queen has paid income tax.

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