subject to indirect taxes such as value-added tax, and since 1993 the monarch 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. Estimates of the Queen's wealth varied, depending on whether assets owned by her personally or held in trust for the nation were included. Forbes magazine estimated her wealth at US$450 million in 2010, but no official figure was 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 £ today). The Sunday Times Rich List 2020 estimated Elizabeth II's personal wealth at £350 million, making her the 372nd richest person in the UK. Residences 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. Historically, the Palace of Westminster and the Tower of London were the main residences of the English monarch until Henry VIII acquired the Palace of Whitehall. Whitehall was destroyed by fire in 1698, leading to a shift to St James's Palace. Although replaced as the monarch's primary London residence by Buckingham Palace in 1837, St James's is still the senior palace and remains the ceremonial royal residence. For example, foreign ambassadors are accredited to the Court of St James's, and the Palace is the site of the meeting of the Accession Council. It is also used by other members of the royal family. Other residences include Clarence House and Kensington Palace. The palaces belong to the Crown; they are held in trust