Britain’s Queen to pay tax in installments as Covid-19 imposes financial pitfall

LONDON: Queen Elizabeth is reportedly stressing out while attempting to pay the UK government her annual payment due to the financial strain Covid-19 caused on her royal coffers, foreign media reported.

According to an official report by the Crown, the monarch has already made one payment to the treasury, and will make more once "trading conditions develop". For the unversed, the monarch reportedly hands over all of her estate profits to the Chancellor, in exchange for an annual income called the Sovereign Grant.

With COVID-19 having put a damper upon profits, the Queen’s estate has agreed to sign on for a ‘staged’ payment plan. While there is no doubt the estate itself is still at a strong financial footing, Dan Labbod, the estate’s chief executive believes, "We are under no illusions about the challenges we face."

He told Express.UK, "The current economic and market disruption has led The Crown Estate to take the precaution, with the agreement of the Treasury, of implementing a staged process for the payment of the whole of its net revenue profit for the year 2019-20."

Even royal expert McClure believes, "This is ultimately bad news for the Queen's finances.” While "The Crown Estate's disappointedly stagnant profits may take a while before they impact the Royal Household.” “They are a red flag. With stormy waters ahead, the Queen's lockdown court 'HMS Bubble' may have to batten down the hatches pretty sharpish."