June 3, 2023

MUI Daily News

Complete British News World

Death of Elizabeth II. Why King Charles III Won’t Pay Inheritance Tax on His Mother’s Inheritance

No inheritance tax since 1993

In the UK, inheritance tax of 40% on inheritances over £325,000. Thus, on a bequest of several hundred million euros, Charles III also had to pay this tax, which amounted to several million pounds. But the new king did not submit to it. Or rather, “no longer” subject to it.

In fact, in 1993, the Conservative government led by John Major passed a law that prevented the heir to the throne from paying inheritance tax on the death of the previous king or queen. The reason given then? After many generations the historical heritage of the British Crown risks being eroded.

A memorandum in 2013 also strengthened this arrangement. It said it was “plainly inappropriate” for inheritance tax to be levied on property held by the Queen as a sovereign, and not as an individual.

British sovereigns also do not have to pay UK income tax. On the other hand, Queen Elizabeth II has chosen to pay it since 1993, especially in the face of dissatisfaction among the British public with the royal family’s lifestyle. According to several media outlets across the Channel, King Charles III should follow his mother’s example and pay taxes on her income and earnings.

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