As Farrers, the Queen's solicitors, await the granting of probate on the Queen Mother's will, there has been speculation as to the portion of her estate which will escape the tax man.
Despite her reputation for extravagence, the Queen Mother's personal fortune was estimated at around £60 million at the time of her death. However, astute tax planning is likely to have ensured that only a very small part of her estate will come within the reach of the Inland Revenue.
£38 million placed in trust funds for Princes William and Harry is reportedly safe, as the Queen Mother outlived the seven year deadline for inheritance tax on gifts by several months.
Her notorious £4 million overdraft with Coutts bank is also likely to prove advantageous from a tax point of view, as it is likely that the amount will be written off from the remainder of the sum owed by the estate in inheritance tax.
None of the Queen Mother's favoured residences will be subject to estate tax either- Clarence House is owned by the nation, and Balmoral by her daughter, the Queen. Jewellery and paintings are also likely to escape taxation, being in the main owned by the nation.
http://news.independent.co.uk/uk/politics/story.jsp?story=284712
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