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 Diamond Jubilee Medal and is circumscribed by the inscription "ELIZABETH II DEI GRATIA REGINA FID DEF" (Latin for "Elizabeth II by the Grace of God, Queen, Defender of the Faith"). The reverse shows a faceted hexagon with a crowned royal cipher, inscribed with the years 1952 and 2012. Eight Commonwealth realms in the Caribbean—Antigua and Barbuda, The Bahamas, Barbados, Grenada, Jamaica, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines—have each issued a Diamond Jubilee medal. The obverse bears the same effigy of the Queen as does the British medal circumscribed by the words "DIAMOND JUBILEE HM QUEEN ELIZABETH II".