The Royal Family Is Costing UK Taxpayers More Than Ever

Posted by DanielS on Thursday, 04 July 2019 08:34.

Taxpayers in the United Kingdom are paying more money than ever for the Royal Family.

Zero Hedge, Tyler Durden, 4 July 2019:

The latest Sovereign Grant accounts were published early last week and they show that the monarchy cost £67 million ($86 million) in 2018-19 - a 41 percent increase on the previous financial year. Statista’s Niall McCarthy notes one interesting aspect of the accounts is that Frogmore Cottage cost £2.4 million of public money to renovate. The official residence of Prince Harry and Meghan Markle, the cottage was given to the couple as a gift by the Queen.


Graph imagery from Statista

In a nutshell, the complicated system of funding the monarchy works when the UK government makes a payment called the Sovereign Grant to the Royal Household every year. Its value is determined by how uch money the Crown Estate real estate portfolio has brought in. That total added up to £82 million this year with a sizeable chunk of that money added to cover renovation work at Buckingham Palace. Of that total, the monarchy spent £67 million on official duties including travel as well as other costs such as staff and property maintenance. Maintenance and the renovation of Buckingham Palace are the key reasons the total is so high this year.

Buckingham Palace’s electrical, heating and plumbing systems all date from the 1950s and are in urgent need of replacement. As part of 10-year renovation plan, wiring and pipework will be replaced while asbestos removed from the building. New elevators will also be installed to assist disabled visitors. The complexity and duration of the work will ensure that next financial year will also be expensive for taxpayers with the Sovereign Grant expected to rise to £85.7 million.



Comments:


1

Posted by mancinblack on Thu, 04 Jul 2019 22:59 | #

It’s still nothing compared to what a Labour government could cost the taxpayer.

Shadow chancellor John McDonnell has admitted that Labour is considering lowering the inheritance tax threshold should they get into power. Currently the inheritance tax threshold is £495,000 or £950,000 for couples - with children paying 40% of anything over this figure.

But this would be replaced with a ‘Lifetime Gift Tax’ (LGT) which Labour claim could generate an extra £9.2 billion for the government which would see a child pay money on everything their parents gave them - in life or in death - which come to more than £125,000….

What happened to “fully costed and only the top 1% would pay”?

“We are looking at it”(LGT) Mr McDonnell said “It might be one of those ideas and we are consulting on it at the moment..I think it’s interesting. We need to have a fairer system of how we can ensure wealth is more fairly distributed - that’s one idea and we are listening to a whole range of ideas

Jeremy Corbyn is the cliffedge..

https://metro.co.uk/2019/07/01/labour-tax-plan-could-stop-parents-passing-on-homes-to-kids-10095642/?fbclid=IwAR04KcS-DEdRd2HibIsCDGGBLvv0oBCQATm6d8xqIBUumxFDmgvqAjlbWGw



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