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 Challenge Cup Stakes a trophy on that date. Since inception, the race has been contested at various distances: The Queen Elizabeth II Challenge Cup was a Listed race in 1984 and 1985, a Grade III race in 1986 and 1987, and a Grade II race from 1988 through 1990, after which it became a Grade I event. Time record: (at current miles distance) Queen Elizabeth II Challenge Cup Stakes The Queen Elizabeth II Challenge Cup is an American Thoroughbred horse race for three-year-old fillies held annually since 1984 at Keeneland Race Course near Lexington, Kentucky. Run at a distance of one and one-eighth