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
New Year Honours New Year Honours The New Year Honours is a part of the British honours system, with New Year's Day, 1 January, being marked by naming new members of orders of chivalry and recipients of other official honours. A number of other Commonwealth realms also mark this day in this way. The awards are presented by or in the name of the reigning monarch, currently Queen Elizabeth II or her vice-regal representative. British honours are published in supplements to the "London Gazette". Honours have been awarded at New Year since at least 1890, in which year a list of Queen Victoria's