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Queen Elizabeth II visits Lancaster Castle in May 2015
Photo:
Andrew Yates / dpa
With the death of his mother, King Charles III inherits.
also a fortune in the millions - but as a monarch he avoids the inheritance tax of 40 percent.
The royal family owes this to former Prime Minister John Major.
The conservative politician justified this rule in 1993 by saying that otherwise there was a risk that the royal family's assets would be fragmented over generations.
This would change the nature of the institution "in a way that few people in this country would welcome."
A 2013 agreement said taxing it would be "clearly inappropriate" as the assets would be held by the Queen as a sovereign rather than a private individual.
The monarchy needs sufficient resources to fulfill its role and be financially independent from the government.
The fact that the Queen was exempt from paying taxes repeatedly caused criticism during her reign.
In 1993, however, she promised to voluntarily pay income tax and capital gains tax.
It is expected that King Charles will do the same.
Specifically, it is about the Duchy of Lancaster, which is owned by the British monarch and has now been transferred to Charles.
The duchy includes extensive estates, especially in central England, but also companies in London.
The fortune was last valued at £650 million (about $750 million), according to a financial report.
Here, the palace released more information about royal finances.
Charles
, William and Harry escort the Queen's coffin to Parliament
Queen Elizabeth died at Balmoral Castle in Scotland on Thursday at the age of 96.
The monarch's coffin arrived at Buckingham Palace in London on Tuesday.
On Wednesday, King Charles and his two sons, Prince William and Prince Harry, will escort the monarch's coffin to the British Parliament.
The palace announced on Tuesday evening.
The funeral procession is scheduled to leave Buckingham Palace at 2:22 p.m. (local time; 3:22 p.m. CEST) and head to Westminster Hall, the oldest part of the British Parliament.
The Queen's other children - Princess Anne, Prince Andrew and Prince Edward - will also follow the coffin on foot.
The funeral procession also includes Anne's son Peter Philips and her husband Admiral Tim Laurence, as well as the Duke of Gloucester, a cousin of the Queen, and the Earl of Snowdon, her nephew.
Charles, William and Harry's wives are driven in cars behind the coffin.
The procession is scheduled to arrive at Westminster Hall at 3pm local time.
A short service is planned there, before finally the public can say goodbye to the Queen at the coffin for several days.
The state funeral will take place next Monday.
aar/dpa
