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
Hall income tax Tax Structure Study Commission characterized the tax as "particularly harmful to retirees with limited income derived mainly from investments," noting in its final report that low-income retirees with dividend and interest income pay the tax, but low-income people with income from other sources do not. The report also said the Hall tax "encourages retirees to leave the State." The commission recommended repealing the Hall income tax, reducing or repealing certain other state taxes, and enacting a general personal income tax in their place. Other critics have suggested that the tax discourages people from saving and hinders efforts to encourage retirees