thePeerage.com

mtptl · 'Baronet' Joined: 02 Sep 2010 Posts: 3

UK has an Inheritance Tax, just like the US.
- Is the peerage in the UK exempt from this tax? How do they end up keeping those big palaces for five hundred years? I understand that the Duke of Westminster owns 300 acres in Central London. Is his son going to get all of that?
- Will there be a drive to take away these beautfiul "grace and favor" homes that have been lived in for decades by the Queen's cousins, or will they pass down to the children of the cousins. For example, the queen's cousin, Princess Alexandra (age 71), lives in "Thatched House" Lodge in Richmond Park for 45 years. The house is a 6 bedroom, 6 reception room, house on 4 acres of land in the middle of Richmond Park. On her death does this incredibly valuable piece of property go to her children, or does it's disposition become at the will of the next sovereign.
- How about those apartments in Kensington Palace which are worth millions. Currently I think they are given to three of the queen's cousins.

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Pg de Loriol · 'Viscount' Joined: 29 Nov 2009 Posts: 15

Mr Blair disagreed with a peerage and with any honours in particular so I suspect he's just going to make as much money as he acn to give him a lasting memorial!

Pg de Loriol · 'Viscount' Joined: 29 Nov 2009 Posts: 15

Everyone has to pay tax in the UK, even the Royal family has to. It just happens that the richer you are the more clever accountants you employ so as to pay less tax...it is the same all over the world. Even a close realtion of mine who ahs recently died ensured that a trust fund was created to pay for his grandchildren's schooling. He also left the remainder of his estate to his wife, which is not taxable!

gusluke52 · Posted: Thu Jan 27, 2011 9:17 am Post subject:

Of course the income taxes hurt the landed gentry. But, it is the inheritance tax that really smarts. As to the nobility continuing to live on their great estates, check out how many stately homes are now hotels, schools, etc. Many of the landed families who would never have thought of opening their homes to the public now have out welcome signs. Every little bit helps to keep up those great piles of stone and brick.
As to the "Grace and Favour" residences, Tony Blair insisted that the residents of these properties become tenants and start paying appropriate rents. I read that the Duke and Duchess of I believe Gloucester, were sent a notice that they would have to start paying a pretty steep rent and were crushed. The Queen agreed to pay the rent for them for the next couple of years. Previously these "Grace and Favour" residences were rent free and were totally the perogative of the Queen. Not any more.