King Charles' siblings, Princess Anne, Prince Edward, and Prince Andrew have all missed out on the late Queen Elizabeth's £380million fortune to avoid paying inheritance tax, according to experts.
The Royal Family is exempt from the standard inheritance tax rules after a clause agreed upon by Sir John Major's Government in 1993, which 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.
It also stated that inheritance passed from the consort of a former sovereign to a sovereign is also exempt from inheritance tax.
Sir Major's 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 mean that if any of the King's siblings inherited any of their mother's illustrious wealth and assets, they'd be subjected to inheritance tax, reports the Express.
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