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I'm not holding my breath for an IHT windfall when Brenda carks it...
Sovereign to Sovereign is exempt from IHT so probably not.
jellybaby-
Sovereign to Sovereign is exempt from IHT so probably not.
This doesn't cover assets held privately, of which she has £500m or so. I'm sure she's using a lot of different tricks to minimise that bill though!
Edit: Holy shit, you're right! As long as she gives it all to Charles, she's IHT free!
What about the Queen’s private wealth which passes to her successor (most likely Prince Charles) on her death then? In any normal situation, an individual leaving more than £325,000 to a child would be subject to Inheritance Tax on the amount over that limit (subject to where an additional allowance has been gained through the death of a spouse).
However, it may surprise you to learn that this is not the case where a Monarch leaves assets to the next in line to the throne. A special deal struck with the government means any assets left by a UK Monarch to their immediate successor will be free from Inheritance Tax, although gifts left to other children or relatives will be taxed in the usual way.
Stonehedge
I'm not holding my breath for an IHT windfall when Brenda carks it...