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
MS Queen Elizabeth maiden voyage to the Canary Islands the following day. The Queen was also the sponsor of the now-retired "Queen Elizabeth 2" in 1967 and Cunard's current flagship, "Queen Mary 2", in 2004. The first master of "Queen Elizabeth" was Captain Christopher Wells. On Monday 4 October 2010 "Queen Elizabeth" was formally handed over to Cunard. She sailed on her maiden voyage from Southampton on Tuesday 12 October 2010, following a naming ceremony with the monarch on Monday 11 October 2010. At the end of October 2011 "Queen Elizabeth" and her fleet mates changed their registries to Hamilton, Bermuda, in order