Courtesy of a number of British laws, King Charles III will inherit his mother’s $750 million estate without having to pay one pound of taxes in a nation where citizens have to pay a 40% levy on inheritances over £325,000, Business Insider reports.
A 1993 law passed by Parliament give the royal family a pass on inheritance taxes to ensure that the royals would be able to maintain their wealth should two members of the family die in a short period of time. Queen Elizabeth II dies last week, while her husband Prince Philip died 18 months ago. In 2002, Elizabeth benefited from the rule by inheriting the Queen Mother’s $80 million estate after she died.
Charles will take over the Duchy of Lancaster, which generated about $27 million in income last year. The duchy manages 18,000 hectares of land in England and Wales that have commercial, agricultural and residential properties. Founded in the 13th century, a 1702 law prevents the royal family from selling any of the estate.
Charles’s eldest son, Prince William, will take over the Ducky of Cornwall estate, valued at more than $1 billion, also tax free.