A number of possessions are held in trust by the Sovereign. These possessions are exempt from inheritance tax. • The
Crown Estate is one of the largest property portfolios in the United Kingdom, producing £211 million for the Treasury in the financial year 2007–08 The Crown Estate is not the personal property of the monarch. It cannot be sold by the sovereign in a personal capacity, nor do any revenues, or debts, from the estate accrue to him. Instead, the Crown Estate is owned by the monarch in right of
the Crown, a
corporation sole representing the legal embodiment of the state, and the monarch's eldest son (if he is next in line to the throne). The revenue profits of the Duchy of Lancaster are presented to the Sovereign each year and form part of the
Privy Purse, providing income for both the official and private expenses of the monarch. The
Duke of Cornwall receives revenue for charitable work and official activities. These financial arrangements also cover the official expenditure of some members of his immediate family. In 1971 a
private members' bill introduced to Parliament by the Labour MP
Willie Hamilton to nationalise the two duchies and the Crown lands was defeated, although more than 100 MPs supported it. • The occupied
official royal residences such as
Buckingham Palace,
Holyrood Palace and
Windsor Castle are held in trust by the sovereign, as is the
Palace of Westminster. The
Royal Household is expected to use the Sovereign Grant to maintain the residences. In May 2009 the Queen requested an extra £4 million annually from the government to carry out a backlog of repairs to Buckingham Palace. In 2010, the Royal Household requested an additional grant from the
Department for Culture, Media and Sport but were refused on the basis that the scheme was "aimed at schools, hospitals, councils and housing associations for heating programmes which benefit low-income families". Over a third of the Royal estate was in disrepair by 2012–13 according to a report by the
Public Accounts Committee. The cost of restoration was estimated to be £50 million, but the Reserve Fund was at a historic low of £1 million. The monarch is also responsible for using the Sovereign Grant to pay the wages of 431 of the approximately 1,200 Royal Household staff, amounting to £18.2 million in 2014–15. In 2015 it was reported that at least four senior officials had been made redundant to reduce costs. • The
Royal Collection is the art collection of the British royal family. It is one of the largest and most important art collections in the world, containing over 7,000 paintings, 40,000 watercolours and drawings, about 150,000
old master prints, historical photographs, tapestries, furniture, ceramics, books, gold and silver plate, arms and armour, jewellery and other works of art. The collection includes the
Crown Jewels in the
Tower of London (including the crown, orb and sceptre). It is physically dispersed between 13 Royal residences and former residences across Britain. Although the collection belongs to the sovereign, it is not his personal property as a private individual. Instead the collection is held
in trust by the King for his successors and the nation. The Treasury says these assets are "vested in the sovereign and cannot be
alienated". Income is generated by the collection from public admissions and other sources. This income is received by the
Royal Collection Trust, the collection's management charity, and not by the King. • The
Royal Archives comprises collections including diaries, letters, household papers and administrative records of the British monarchy. • Royal palaces and parks are traditionally the property of the monarch, but those no longer occupied by the monarchy or used by the government are generally operated by public charities,
Historic Royal Palaces, and
Royal Parks. == Private estate of the Sovereign ==