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The Guardian - UK

National

Daniel Boffey

DARK SECRETS: King charles will not pay tax on inheritance from the queen | Rare Historical Photos

Queen Elizabeth II Income Tax John Major

King Charles — Charles said when he was Prince of Wales that he would emulate his mother in voluntarily paying income tax. Photograph: Kirsty Wigglesworth/AP

King Charles will not pay tax on the fortune he has inherited from the late Queen, although he has volunteered to follow his mother’s lead in paying income tax.

Under a clause agreed in 1993 by the then prime minister, John Major, any inheritance passed “sovereign to sovereign” avoids the 40% levy applied to assets valued at more than £325,000.

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