King Charles III won't have to pay inheritance tax

Authored by axios.com and submitted by officiallyBA
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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