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 The Queen Mother Queen Elizabeth The Queen Mother Elizabeth Angela Marguerite Bowes-Lyon (4 August 1900 – 30 March 2002) was the wife of King George VI and the mother of Queen Elizabeth II and Princess Margaret, Countess of Snowdon. She was Queen consort of the United Kingdom and the Dominions from her husband's accession in 1936 until his death in 1952, after which she was known as Queen Elizabeth The Queen Mother, to avoid confusion with her daughter. She was the last Empress of India. Born into a family of British nobility, she came to prominence in 1923 when she married the Duke