Queen Elizabeth The Queen Mother bulk of her estate, estimated to be worth between £50 and £70 million, including paintings, Fabergé eggs, jewellery, and horses, to her surviving daughter, Queen Elizabeth II. Under an agreement reached in 1993, property passing from monarch to monarch is exempt from inheritance tax, as is property passing from the consort of a former monarch to the current monarch, so a tax liability estimated at £28 million (40 percent of the value of the estate) was not incurred. The most important pieces of art were transferred to the Royal Collection by Elizabeth II. Following her death, the Queen successfully applied
Income tax for the tax that residents already pay to other countries on their foreign income. Many countries also sign tax treaties with each other to eliminate or reduce double taxation. Countries do not necessarily use the same system of taxation for individuals and corporations. For example, France uses a residential system for individuals but a territorial system for corporations, while Singapore does the opposite, and Brunei taxes corporate but not personal income. Public disclosure of personal income tax filings occurs in Finland, Norway and Sweden (as of the late-2000s and early 2010s). Income tax An income tax is a tax imposed