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 Reservoir Queen Elizabeth II Reservoir The Queen Elizabeth II Reservoir lies to the south of the River Thames and to the west of the Island Barn Reservoir. To the north are the reservoirs of Bessborough and Knight. The A3050 runs to the north of the reservoir and it is situated in Walton on Thames. It is managed by Thames Water. The reservoir was authorised by an Act of Parliament in 1935, but construction was halted on the outbreak of World War II. Work did not begin again until 1957 and, after the works were completed by W. & C. French, it