Queen Elizabeth and her family are funded, in part, by taxpayers, but is the reigning monarch of the United Kingdom a taxpayer herself? There are many ways members of the royal family give back to the country, but how many of them actually pay taxes? We investigate.
Does Queen Elizabeth Pay British Taxes?
Though many might believe the finances of the British royal family to be a mystery, there’s actually quite a lot of publicly available information about the subject. Queen Elizabeth, as the reigning monarch, has many duties that enrich and help support her subjects, but does she have the same financial obligations to pay taxes as they do?
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While it is not required for the queen to pay taxes, she has voluntarily been paying income taxes on her personal income since 1993. She made the pledge to pay both capital gains taxes and personal income tax the year before in 1992. According to the royal family’s website, “The Queen has always been subject to Value Added Tax and pays local rates on a voluntary basis.”
Who Else Pays Their Taxes?
The queen isn’t the only member of the royal family to pay taxes. Her son, Prince Charles, also voluntarily pays taxes, though he is also not technically required to do so. As the Prince of Wales and heir to the throne, Charles is given the annual net surplus generated by the Duchy of Cornwall, though he is not the Duchy’s owner. He voluntarily pays income taxes on that income at the highest possible level.
Other Ways Royals Financially Contribute
In addition to paying taxes, the royal family contributes in numerous other ways to the British economy. Royal events, especially weddings and large events like Trooping the Colour or the recent Platinum Jubilee celebrations, are huge tourism draws. Even the birth of royal babies helps draw in tourists from around the world, even more so than average years according to some reports.
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There’s also the economic impact of other actions and choices made by members of the royal family. For instance, Kate Middleton’s outfits at public events are often scrutinized and local designers often see a boost in sales when their pieces are highlighted in the media. That’s partially the reason why royal brides tend to choose British designers for their wedding gowns.
In one way or another, whether it’s by literally paying taxes or the many charities they head, the royal family gives back to the country that supports them.