Reportedly, following criticism and scrutiny of the British monarchy, prime minister John Major announced that the queen should pay income tax from 1993 onwards. In 2019 the British crown estate was estimated at £14.3 billion. Reportedly the national audit company was not allowed to audit royal finances. Figures regarding the queen’s annual expenditure were estimated at £41.5 million for financial year 2008/2009. Reportedly the sovereign grant was £31 million for 2012/13 rising to £76.1 million for 2017/18. The sovereign grant is a payment by the British government, said not to be dependant on the payment of taxes. Reportedly about a third of the grant is used for property maintenance of the royal palaces.
Reportedly some investments are held in two financial centres in the Caymen islands and Bermuda. The queen has been accused of tax avoidance. A Memorandum of Understanding was published in 1993 and amended in 1996, 2009 and 2013. According to the report it is intended that the arrangements in the memorandum will be followed by the next monarch. The duchy of Cornwall is land and assets that produce an income for the eldest son.