Receipts and Payments under the appropriate tax heading.
Disagreements
31. If, exceptionally, the Inland Revenue are unable to agree the amount to be paid under this voluntary agreement, the Chancellor of the Exchequer shall decide the point at issue, on a joint submission from the Inland Revenue and representatives of The Queen or The Prince of Wales.
Confidentiality
32. In relation to anything done in respect of this voluntary agreement The Queen and The Prince of Wales shall be entitled to full privacy and confidentiality in the same way as any other taxpayer; but this shall not preclude any exchange of information between the Treasury and Inland Revenue which is necessary for the proper implementation of these arrangements.
Termination or variation
33. The Queen or The Prince of Wales may, at any time, give notice to the Government of withdrawal from these arrangements with effect from the following 6 April, or any later date.
34. These arrangements have been drawn in wide terms but it is recognised that it might be appropriate to agree variations if circumstances change. In that event, it is open to the holder for the time being of the office held by any signatory to this Memorandum of Understanding to propose that the arrangements should be changed from the following 6 April or from some later date.
Publication
35. It is intended that this Memorandum of Understanding should be published. It is agreed that any termination or variation of the arrangements, in accordance with paragraphs 33 or 34, will also be published on or before the date it takes effect.
36. Where a successor to The Queen agrees that the Memorandum of Understanding should apply, in accordance with paragraph 25, particulars of any variation will be published as soon as possible after agreement has been reached.
Operation of the arrangements
37. In keeping with the voluntary nature of the arrangements this Memorandum has been drafted in general terms. However, the tax affairs of The Queen and The Prince of Wales will be ordered in a straightforward manner and the provisions included in this Memorandum will not be used to reduce tax payments by themselves or other members of the Royal Family in circumstances which the provisions were not intended to cover.
Signatories
38. This Memorandum of Understanding is signed below, by representatives of The Queen, The Prince of Wales and the Government, as a record of the arrangements agreed between them for the payment of income, capital gains and inheritance tax on a voluntary basis.
The Earl of Airlie, Lord Chamberlain
Commander Richard Aylard, Private Secretary and Treasurer to the Prince of Wales Sir Terence Burns, Permanent Secretary to the Treasury
Sir Anthony Battishill, Chairman of the Board of Inland Revenue
5 FEBRUARY 1993
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