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
Elizabeth Stuart, Queen of Bohemia Britain, initiating the Hanover line of succession. The reigning British monarch, Elizabeth II, is Elizabeth Stuart's direct descendant of the 10th and 11th generation through different lines. Elizabeth was born at Dunfermline Palace, Fife, on 19 August 1596 at 2 o'clock in the morning. King James rode to the bedside from Callendar, where he was attending the wedding of the Earl of Orkney. At the time of her birth, her father was King of Scots only. Named in honour of Queen Elizabeth I of England, the young Elizabeth was christened on 28 November 1596 in the Chapel Royal at Holyroodhouse.