Queen Elizabeth The Queen Mother bulk of her estate, estimated to be worth between £50 and £70 million, including paintings, Fabergé eggs, jewellery, and horses, to her surviving daughter, Queen Elizabeth II. Under an agreement reached in 1993, property passing from monarch to monarch is exempt from inheritance tax, as is property passing from the consort of a former monarch to the current monarch, so a tax liability estimated at £28 million (40 percent of the value of the estate) was not incurred. The most important pieces of art were transferred to the Royal Collection by Elizabeth II. Following her death, the Queen successfully applied
Finances of the British royal family to the Sovereign each year and form part of the Privy Purse, providing income for both the official and private expenses of the monarch. In the financial year ending 31 March 2015, the Duchy was valued at £472 million, providing £16 million in income. In 2017, the Paradise Papers revealed that the Duchy held investments in two offshore financial centres, the Cayman Islands and Bermuda. Both are British Overseas Territories of which Queen Elizabeth II is monarch, and nominally appoints governors. Britain handles foreign policy for both islands to a large extent, but Bermuda has been self-governing since 1620. The