Finances of the British royal family are not subject to legislation concerning income tax, capital gains tax or inheritance tax. Furthermore, the Sovereign has no legal liability to pay such taxes. The Duchy of Cornwall has a Crown exemption and the Prince of Wales is not legally liable to pay income tax on Duchy revenues. A "Memorandum of Understanding on Royal Taxation" was published on 5 February 1993 and amended in 1996, 2009 and 2013. It is intended that the arrangements in the memorandum will be followed by the next monarch. The memorandum describes the arrangements by which The Queen and The Prince of Wales make
Queen Elizabeth II Cup to commemorate a visit to Hong Kong by Queen Elizabeth II and the Duke of Edinburgh, Prince Philip. It evolved to an international event in 1995, with Hong Kong horses competing against those from the United Arab Emirates, the United Kingdom, France, Japan and Australia. Since becoming a Group One race in 2001, every winner of the Audemars Piguet Queen Elizabeth II Cup has been a descendant of Northern Dancer. The 2006 race saw Irridescence upset the great filly and European Horse of the Year, Ouija Board. The Queen Elizabeth II Cup has been sponsored by the Swiss haute horlogerie