It is no secret that after the death of Queen Elizabeth, King Charles inherited her assets, which included the personal property, jewels, paintings, land, farms, and royal estates of the late monarch. Per Forbes, the vast collection of assets is worth $46 billion, and the king has not paid a pound of tax on all he has inherited. Unlike the citizens of the UK, who are subject to paying a 40% inheritance tax on any part of an estate valued over $374,000, the king is exempt from paying due to a 1993 agreement between the royal family and former Prime Minister John Majors.
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The agreement states that any assets passed from “sovereign to sovereign,” including the Crown Estate and the Duchy of Lancaster, are tax-free to maintain “a degree of financial independence from the government of the day,” according to The Guardian. In addition to the king’s inheritance being tax-free, as sovereign, he is not legally required to pay income tax or capital gains tax. Like his late mother, Queen Elizabeth, however, King Charles voluntarily pays 45% of his earnings in income tax.
