<P> Like the Crown Estate, the land and assets of the Duchy of Lancaster, a property portfolio valued at £ 383 million in 2011, are held in trust . The revenues of the Duchy form part of the Privy Purse, and are used for expenses not borne by the parliamentary grants . The Duchy of Cornwall is a similar estate held in trust to meet the expenses of the monarch's eldest son . The Royal Collection, which includes artworks and the Crown Jewels, is not owned by the Sovereign personally and is held in trust, as are the occupied palaces in the United Kingdom such as Buckingham Palace and Windsor Castle . </P> <P> The sovereign is subject to indirect taxes such as value - added tax, and since 1993 the Queen has paid income tax and capital gains tax on personal income . Parliamentary grants to the Sovereign are not treated as income as they are solely for official expenditure . Republicans estimate that the real cost of the monarchy, including security and potential income not claimed by the state, such as profits from the duchies of Lancaster and Cornwall and rent of Buckingham Palace and Windsor Castle, is £ 334 million a year . </P> <P> Estimates of the Queen's wealth vary, depending on whether assets owned by her personally or held in trust for the nation are included . Forbes magazine estimated her wealth at US $450 million in 2010, but no official figure is available . In 1993, the Lord Chamberlain said estimates of £ 100 million were "grossly overstated". Jock Colville, who was her former private secretary and a director of her bank, Coutts, estimated her wealth in 1971 at £ 2 million (the equivalent of about £ 25 million today). </P> <P> The Sovereign's official residence in London is Buckingham Palace . It is the site of most state banquets, investitures, royal christenings and other ceremonies . Another official residence is Windsor Castle, the largest occupied castle in the world, which is used principally at weekends, Easter and during Royal Ascot, an annual race meeting that is part of the social calendar . The Sovereign's official residence in Scotland is the Palace of Holyroodhouse in Edinburgh . The monarch stays at Holyrood for at least one week each year, and when visiting Scotland on state occasions . </P>

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