TaxPersonal TaxRoyal finances to be investigated

Royal finances to be investigated

An inquiry into the finances of the Royal Family is set to be launched by the Public Accounts Committee, it has emerged.

Link: Insider – My government intends…

The committee will look into the accounts of the Duchies of Cornwall and Lancaster, which provides millions of pounds of assets to Prince Charles and the Queen.

Labour MP and committee member Ian Davidson told the Mail On Sunday: ‘It is very important that we look at the Royal accounts. The monarchy receives special tax exemptions that are effectively subsidised from the Treasury.

‘We want to see whether the public is getting value for money, and that this isn’t some sort of tax fiddle for the Royals. Once we start the investigation, we don’t know what else we will find.’

The secretary of the Duchy of Cornwall, Bertie Ross, has been asked to give evidence to the committee on February 7 at the House of Commons.

It will also look into the Duchy of Lancaster, which is the Queen’s landed estate – worth about £7 million a year.

Related Articles

Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3w Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

2m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

4m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

8m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

9m Alia Shoaib, Reporter