After the death of Queen Elizabeth II: Charles III. inherits tax-free assets of millions
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After the death of Queen Elizabeth II.
Charles III inherits tax-free assets of millions
09/14/2022, 7:12 AM
With the death of Queen Elizabeth II, her fortune passed to her son, the new king. Charles III receives a fortune in the millions – and that again tax-free. He owes that advantage to a former prime minister.
With the death of his mother Queen Elizabeth II, King Charles III inherits. also a fortune in the millions – but as a monarch he avoids the inheritance tax of 40 percent. The royal family owes this to former Prime Minister John Major. The Conservative politician justified this rule in 1993 by saying that otherwise there was a risk that the royal family’s wealth would be fragmented over generations. This would change the nature of the institution “in a way that few people would welcome in this country”.
A 2013 agreement said taxing them would be “clearly inappropriate” as the assets would be held by the Queen as a sovereign rather than a private individual. The monarchy needs sufficient resources to fulfill its role and be financially independent from the government. If there were other heirs to be considered by the Queen, they would have to pay inheritance tax on amounts above a certain amount.
The Queen was exempt from paying taxes. However, in 1993, she voluntarily pledged to pay income tax and capital gains tax. It is expected that King Charles will do the same.
Assets worth EUR 750 million
Specifically, it concerns the Duchy of Lancaster, which is owned by the British monarch. This includes sprawling estates, especially in central England, but also businesses in London. The fortune was last valued at £650m (€750m), according to the financial report.
Queen Elizabeth II died on Thursday at the age of 96 at her Scottish estate Balmoral Castle. Headed by her son, the new king, a funeral procession accompanied Queen Elizabeth II’s coffin in the British Parliament in London on Wednesday.