Charles III will not have to pay the inheritance on the assets of Elisabetta- Corriere.it

Charles III will not have to pay the inheritance on the assets of Elisabetta- Corriere.it
Charles III will not have to pay the inheritance on the assets of Elisabetta- Corriere.it
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A law provides that assets passed from sovereign to sovereign are exempt from the tax (which in Great Britain is 40% above the threshold of 375,000 euros). But last year the new monarch had paid 6 million in taxes on his duchy’s income. And his mother was the 370th in the ranking of the richest in the Kingdom

FROM OUR CORRESPONDENT
LONDON – A tax-free king: Carlo will not have to pay taxes on the fortune he has just inherited from his mother Elizabeth. This is established by a law passed in 1993 by the conservative government of John Major, which absolves the assets passed from sovereign to sovereign from the normal inheritance tax, which in Great Britain amounts to 40% on everything that exceeds the threshold of 325 thousand pounds (375 thousand euros at the current exchange rate).

From the queen who just passed away
Charles first of all inherited the possessions of the Crown, whose value is estimated at over 15 billion pounds and also includes the collections of paintings and royal archives. In reality, the Crown treasure is not really Charles’s, who is only in a certain sense its keeper and cannot dispose of it at will: for this reason the government had deemed it inappropriate for a sovereign to pay taxes over it. In exchange, 25% of the profits from the Crown properties are paid by the government to the royal family for their expenses.

What was Elizabeth’s private estate and that now passed into the hands of Charles instead of the duchy of Lancaster, a set of land and properties scattered throughout England that last year had earned the queen an income of 25 million euros. But even on these possessions the new king will pay no taxes, in order to preserve a level of financial independence from the government.

As long as he was heir to the throne, Charles owned the Duchy of Cornwall, which now passed to his son William and which had also generated an income of over 20 million last year.

In theory, British sovereigns are exempt from income taxes: but since 1992 the queen had agreed to pay them, after a controversy over the costs of rebuilding Windsor Castle, which was devastated by a fire that year. Charles also promised that he would follow his mother’s example and had already paid 6 million in income taxes from the Duchy of Cornwall last year.

Contrary to what one might think, British royalty are not particularly wealthy. The Queen’s personal fortune, that is what she really could have, amounted to just over 400 million euros, which placed her around the 370th place among the wealthiest people in Great Britain. (far below a Paul McCartney or a JK Rowling, to be clear, not to mention true billionaires like Richard Branson and company).

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And I notice that Carlo used to complain that he was a poor fellow compared to the Arab sheikhs with whom he had to deal.

September 14, 2022 (change September 14, 2022 | 18:21)

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The article is in Italian

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