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The Windsors / Re: King Edward VIII and Wallis Simpson (Duke and Duchess of Windsor)
« on: July 17, 2010, 11:31:16 AM »
Traditionally Princes of Wales did not receive any financial support from the state because they automatically receive the revenues from the Duchy of Cornwall (the traditional title of the heir to the throne).
On his death George V left large cash bequests to each of his children but not to his heir - specifically because Edward VIII as Prince of Wales should and had built up large cash assets since he came of age.
The financial agreements made between David and Bertie at the abdication were rushed and were based on David's lie that he had no cash assets (It later emerged that he had around a million in cash some of which he'd already settled on his future wife - that lie was one thing that hardened the attitude of the Palace).
David sold his brother Balmoral and Sandringham (with the payment spread over a number of years) which were his personal property inherited from his father. And Bertie agreed to a set figure each year which if not included in the new civil list he would guarantee to pay David himself.
One of the reasons that the Duke remained in France for much of his life was the favourable tax status he'd been granted there - in all his discussions about a role after the war (he was keen to live in America) was a desire to be in some kind of official diplomatic role in order to gain tax advantages.
On his death George V left large cash bequests to each of his children but not to his heir - specifically because Edward VIII as Prince of Wales should and had built up large cash assets since he came of age.
The financial agreements made between David and Bertie at the abdication were rushed and were based on David's lie that he had no cash assets (It later emerged that he had around a million in cash some of which he'd already settled on his future wife - that lie was one thing that hardened the attitude of the Palace).
David sold his brother Balmoral and Sandringham (with the payment spread over a number of years) which were his personal property inherited from his father. And Bertie agreed to a set figure each year which if not included in the new civil list he would guarantee to pay David himself.
One of the reasons that the Duke remained in France for much of his life was the favourable tax status he'd been granted there - in all his discussions about a role after the war (he was keen to live in America) was a desire to be in some kind of official diplomatic role in order to gain tax advantages.