Monarch is exempt under 1993 agreement but Charles will pay income tax as his mother did
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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