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
Queen Elizabeth II Cup to commemorate a visit to Hong Kong by Queen Elizabeth II and the Duke of Edinburgh, Prince Philip. It evolved to an international event in 1995, with Hong Kong horses competing against those from the United Arab Emirates, the United Kingdom, France, Japan and Australia. Since becoming a Group One race in 2001, every winner of the Audemars Piguet Queen Elizabeth II Cup has been a descendant of Northern Dancer. The 2006 race saw Irridescence upset the great filly and European Horse of the Year, Ouija Board. The Queen Elizabeth II Cup has been sponsored by the Swiss haute horlogerie