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 Queen Elizabeth II Cup The Queen Elizabeth II Cup is a Group One Thoroughbred horse race at Sha Tin Racecourse in the New Territories, Hong Kong. Established in 1975 by the Royal Hong Kong Jockey Club, it is run annually in April at a distance of 2,000 metres (ten furlongs) on turf. Prior to 1997 it was run at 2,200 metres (eleven furlongs). Sponsored by Swiss watchmaker Audemars Piguet since 1999, it currently offers a purse of HK$20 million (US$2.6 million)since 2014/15. The Queen Elizabeth II Cup was first run at the Happy Valley Racecourse in Happy Valley, Hong Kong