Charles, Prince of Wales (Charles Philip Arthur George; born 14 November 1948) is the heir apparent to the British throne as the eldest son of Elizabeth II. He has been Duke of Cornwall and Duke of Rothesay since 1952, and he is the oldest and longest-serving heir apparent in British history.
He is also the longest-serving Prince of Wales, having held that title since 1958. Charles was born at Buckingham Palace as the first grandchild of King George VI and Queen Elizabeth. He was educated at Cheam and Gordonstoun schools, which his father, Prince Philip, Duke of Edinburgh, had attended as a child. Charles also spent a year at the Timbertop campus of Geelong Grammar School in Victoria, Australia.
Why King Charles won't pay inheritance tax on the Queen’s private fortune
ok.co.ukKing Charles will not have to pay tax on his inheritance from his late mother The Queen - although the new monarch has voluntarily agreed to continue following in his mother’s footsteps and paying income tax on his growing fortune.
Unlike members of the public that have to navigate the murky world of inheritance tax when a loved one dies with an estate valued more than the £325,000 threshold, the King is exempt thanks to a clause agreed in 1993 by then Prime Minister John Major.The little known clause scrapped the 40% levy when inheriting sums over £325,000, but only when the inheritance was being passed from “sovereign to sovereign”.
In total the crown estate has an estimated £15.2 billion in assets, with around 25per cent of the profits from its operation given to the royal family in the form of a sovereign grant.
However, the estate also includes things such as the royal archives, and royal collection of paintings which are held “in right of the crown” meaning they’re under the protection of, rather than owned by.This means that the assets cannot be sold by the King, as they are surrendered to the government in exchange for the grant.
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