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If this were the case, then we wouldn't still have aristocrats. Inheritance tax doesn't apply at this scale. They just put it in trust, even though no one serio
by unculture 9y ago
If this were the case, then we wouldn't still have aristocrats. Inheritance tax doesn't apply at this scale. They just put it in trust, even though no one seriously pretends that they don't control the money.
E.g., the Grosvenors, who own 3% of London. https://www.theguardian.com/money/2016/aug/11/inheritance-tax-why-the-new-duke-of-westminster-will-not-pay-billions https://www.theguardian.com/money/2016/aug/11/inheritance-ta...
- Steve44 9y agoBy using trusts does help highlight another aspect. The 'owners' are more like custodians of the estate, a historical institution to be kept running. Yes they do control it and clearly benefit from it but if you have a look at their spending and lifestyles compared to the new rich they are very different.