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
States headed by Elizabeth II States headed by Elizabeth II The number of states headed by Queen Elizabeth II has varied during her years on the throne, altogether seeing her as sovereign of a total of 32 independent countries during this period. In her capacity as Queen of the United Kingdom (including the British overseas territories), she is also monarch of three Crown dependencies—Guernsey, Jersey, and Man—and, in her capacity as Queen of New Zealand, she is monarch of two associated states—the Cook Islands and Niue—since they acquired this status in 1965 and 1974, respectively. Two situations in two countries differ from the others. The