FILE PHOTO: Britain's Queen Elizabeth is joined by members of the Royal Family on the balcony of Buckingham Palace as they watch a fly past to mark the centenary of the Royal Air Force in central London
FILE PHOTO: Britain's Prince Charles, Camilla, Duchess of Cornwall, Queen Elizabeth, Meghan, Duchess of Sussex, Prince Harry, Prince William, and Catherine, Duchess of Cambridge stand on the balcony of Buckingham Palace as they watch a fly past to mark the centenary of the Royal Air Force in central London, Britain July 10, 2018.
(Photo: REUTERS/Chris Radburn/File Photo)

Queen Elizabeth II has approved and supported the decision of his grandson, Prince Harry, and his wife, Meghan Markle, to step back as senior members of the family. However, this decision would allegedly cost the royal family about $1 trillion in back taxes.

How is it possible? The National Enquirer claimed since Harry and Meghan left the palace walls, they have been sharing financial information with their top advisors.

Here, it was allegedly revealed that the family owes its country $1 trillion in back taxes due to the shady business dealings of the Queen and other members of the family. The outlet claimed the family has been instructed to pay the $1 trillion back taxes.

"Common citizens and members of Parliament are fed up with the Windsors and their spoiled behavior - and believe it's high time the royal family paid their full freight," the outlet supposed Buckingham Palace aide claimed.

Gossip Cop noted it is true that the family receives funds in the form of a public grant from the taxpayers. It covers the cost of running the family household, their security, and others.

The site added both Queen Elizabeth and her son, Prince Charles, also voluntarily pay taxes on the money they earn. However, it is still unlikely that the royal family would be asked to pay taxes as they are legally exempt from paying most of the taxes in the U.K. including income tax.

Gossip Cop noted that if it is true that the family owes back taxes, it wouldn't be $1 trillion. To tax the Queen's family with that amount of money, it would mean they earn trillions of dollars. But they are not, and they are not as rich as many might expect.

It is worthy to note that Queen Elizabeth II and her family have multiple sources of income. Most of it comes from their landholdings in the U.K., like the Duchies of Lancaster and Cornwall, which account for $33 billion. The Queen's personal fortune is estimated at $470 million.

In comparison, the value of the British monarchy's brand stands at around $88 billion. Forbes cited a Brand Finance research that claimed most of the royal worth is on its brand.

The report explained that the family added value to U.K. tourism, business trade, fashion, and other sectors. It also indicated that the monarchy contributes nearly £1.8 billion ($2.3 billion) to the economy of the country each year.