King Charles III won't have to pay inheritance tax
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.
- However, the Queen started paying income and capital gains tax on the estate in 1993 of her own accord. Charles may decide to do the same.