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King Charles III will avoid paying millions in inheritance taxes following Queen Elizabeth II’s death last week.
Charles, who automatically inherited the Duchy of Lancaster estate upon his mother’s death, estimated to be worth $750 million, is exempt from the United Kingdom’s 40% tax on property valued over $377,000.
PRINCE ANDREW INHERITS QUEEN ELIZABETH II’S CORGIS
A 1993 rule passed by the British Parliament allows the new king to avoid paying a tax on items inherited through the sovereign transition process, such as the Duchy of Lancaster estate.
The Duchy of Lancaster estate consists of more than 45,000 acres of land holdings, buildings, and commercial real estate across the U.K., including London’s luxurious Savoy Hotel.
The Duchy of Lancaster estate generated $27 million in revenue for the queen last year, according to a report.
Aside from the Lancaster estate, Elizabeth also owned an extensive personal art, jewelry, and real estate collection, including Balmoral Castle, where she died last Thursday.
It is unknown who will inherit those items, but any nonroyals would be subject to the U.K.’s inheritance tax.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
On Sunday, it was reported that Prince Andrew and his ex-wife Sarah Ferguson will take ownership of Elizabeth’s pet corgis.
The Crown Estate, which includes properties such as Buckingham Palace and Windsor Castle, is valued at over $30 billion.
