eldest son Isabella II and the new monarch of the United Kingdom will inherit the former sovereign’s personal fortune, valued according to Sundays, at 425 million euros. However, unlike what happens to the rest of the British, Charles III exempt from paying taxes related to this inheritance.
In the United Kingdom, inheritance tax over €373,000 is 40%, but the monarch will not have to give part of this amount for funding. Charles III will also receive an annual sovereign grant from the British Treasury at a fixed interest rate of 15% of the profits of the Royal Treasury. This grant will serve to fund the costs associated with the official engagements of the monarch and certain members of the royal family. These expenses relate, for example, to the maintenance of palaces, the payment of wages to employees and business trips.
Exempt from taxes since 1993, differential treatment of the heir to the crown is a sensitive issue for the United Kingdom and causes a lot of controversy. Claire HuchanBritish writer and activist, said that: “Carlos Mountbatten-Windsor is exempt from inheritance taxes. It is obscene that he, our new head of state, can amass such wealth when so many of the people he is supposed to represent are dependent on food banks and will not be able to heat their homes in the winter.”.
As announced in May of this year Sunday Times, the former monarch’s personal fortune is estimated at 425 million euros, but thanks to a government memorandum in 2013, Charles III is still allowed to have his personal fortune. Thus, the personal sum of Carlos, estimated at about 100 million euros, is added to the queen’s fortune.
Despite the high value it will inherit, most of the wealth of English monarchs comes from the goods and property held by the monarchy as an institution, and not from the personal wealth of the previous sovereign. Thus, Carlos III still has commercial real estate and crown-owned land, residences, art and jewelry collections. The famous Crown Jewels alone are valued at 3.4 million euros.
As for property, with the accession to the British throne, the monarch will lose the duchy of Cornwall. This private property now passes to his eldest son and heir to the throne, William. In return, the monarch will inherit the Duchy of Lancaster, which made a net profit of £24 million last year. The value of the proceeds from this private ownership of commercial, agricultural and residential goods will cover most of the official expenses.
