In the wake of Queen Elizabeth II's death last Thursday, King Charles III inherited a realm of wealth and he doesn't have to pay inheritance tax on any of it.
Driving the news: A rule introduced in 1993 by the U.K. government safeguards the royal family's assets from being wiped out if two monarchs were to die in a short period of time, Business Insider reports.
The Queen Mother passed away 20 years ago in 2002, exercising the first part of the provision.
By the numbers: Charles inherits the Duchy of Lancaster estate, which racked in $27 million in revenue for the Queen last year.
The Crown Estate, estimated to be worth over $34.3 billion in assets, will now belong to Charles III, CBS reports.
Prince William, Charles' eldest son, inherited the $1 billion Duchy of Cornwall estate from him.
Why it matters: Members of the royal family do not have to pay the 40% levy on property valued at more than $377,000 while their constituents do.
StupidSexyFlagella on September 12nd, 2022 at 05:58 UTC »
I thought the monarch didn't have to pay any taxes, but the Queen did to keep the public support?
finedrive on September 12nd, 2022 at 05:56 UTC »
Didn’t the Queen lobby against exposing her personal wealth?
zzzzaap on September 12nd, 2022 at 05:39 UTC »
... It's good to be king