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 Cup (Japan) or above. The other Grade 1 races for older female horses in Japan, the Victoria Mile, excludes three-year-olds. Most successful horse (2 wins): * Kawakami Princess finished first in 2006 but was demoted to 12th place following a Stewards' Inquiry. Queen Elizabeth II Cup (Japan) The Queen Elizabeth II Cup ("Queen Elizabeth II Commemorative Cup" until 2012) is an International Grade 1 flat horse race in Japan for three-year-old and above thoroughbred fillies and mares run over a distance of 2,200 metres (approximately 1 mile 3 furlongs) on the turf at Kyoto Racecourse in November. The race was first run