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 II on 21 November 2017. On 6 February 2017, she became the first British monarch to commemorate a Sapphire Jubilee, and on 20 November, she was the first British monarch to celebrate a platinum wedding anniversary. Prince Philip had retired from his official duties as the Queen's consort in August. The Queen does not intend to abdicate, though Prince Charles is expected to take on more of her duties as Elizabeth, who celebrated her 92nd birthday in 2018, carries out fewer public engagements. On 20 April 2018, the government leaders of the Commonwealth of Nations announced that she will be succeeded