Staff Reports
King Charles III is immune from paying taxes on his royal inheritance as a result of his ascension to the throne after the passing of Queen Elizabeth II, who held the title of Britain's longest-reigning monarch.
On the recently acquired property from the Duchy of Lancaster that is worth at over 750 million dollars, the King will not be required to pay any inheritance taxes. The opulent hotel that is part of the 45,000-acre estate that contributed more than $27 million to the queen's coffers in the previous year.
As a result of legislation that was approved by Parliament in 1993, the King is immune from having to pay taxes on any property that he has inherited from a previous monarch. The inheritance tax rate in the United Kingdom is forty percent, and it is applicable to estates with a value of more than three hundred and seventy thousand dollars.
However, Queen Elizabeth has been paying capital gain taxes on Lancaster since 1993; however, it is unknown if King George will follow in his mother's footsteps and maintain this practice. If the legislation from 1993 hadn't changed, Charles would have been responsible for paying close to $200 million in property taxes.
During this time, Prince William received the Duchy of Cornwall from his late father, which is believed to have a value of over one billion dollars.
In return for handing up all property earnings to the government of the United Kingdom, the monarch gets compensated by the treasury with an amount equal to twenty-five percent of the profits made by the Crown's estate.
The preceding is a summary of an article that originally appeared on Fox Business.
