Three Royals that missed out on the Late Queen's inheritance due to odd agreement
dailyrecord.co.ukKing Charles siblings, Princess Anne, Prince Edward and Prince Andrew have all missed out on the late Queen Elizabeth’s £380 million fortune to avoid paying inheritance tax, according to experts.After a clause agreed upon by Sir John Major’s Government in 1993, the Royal Family is exempt from the standard inheritance tax.
It stated that any “"transfers of assets from one sovereign to his or her successor" avoids the 40 percent charge applied to assets valued at more than £325,000, according to OK!It also stated that inheritance passed from the spouse of a former sovereign to a sovereign is also exempt from inheritance tax.The agreement was made at the time to "prevent the dilution of the Crown's wealth and ensure the continuity of the monarchy's functioning."This therefore means that if any of the King's siblings were to accept and inherit any of their mothers wealth and assets, then they would be subjected to inheritance tax, reports the Express.The guidance said: "The monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life."The Crown Estate manages property valued at £15.6 billion, but only 25 percent of its revenue is allocated to the monarch through the Sovereign Grant, with the remaining 75 percent going to the Treasury.Get the latest news sent straight to your messages by joining our WhatsApp community today.You'll receive daily updates on breaking news as well as the top headlines across Scotland.No one will be able to see who is signed up and no one can send messages except the Daily Record team.All you have to do is click here if you're on mobile, select 'Join Community' and you're in!If you're on a desktop, simply scan the QR code
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