Prince Harry is set to inherit a substantial fortune on his 40th birthday on Sunday (September 15), with experts predicting he won't have to pay a penny in tax.
The Duke of Sussex will receive the final installment of the late Queen Mother's £19million trust fund, estimated to be around £7m.According to investment company Stocklytics, the Royal Family has avoided HMRC's normal rules due to the way the Queen Mother's estate was planned and her longevity.
The experts said: "With Prince Harry set to receive the final instalment of the Queen Mother's trust fund, valued at £19 million, many Brits may be asking how much inheritance tax he'll pay - especially as the latest judicial reviews have cost the taxpayer £500,000 each."However, due to the way the Queen Mother's estate was planned and how long she lived, it is likely HMRC will not receive a penny in inheritance tax."According to current regulations, inheritance tax only applies to a trust if it was set up within seven years of the individual's death.
However, since the Queen Mother died in 2002, this trust would no longer be subject to inheritance tax. "If the Queen Mother had died within the 7 years a trust is subject to inheritance tax, HMRC could have been owed up to £7.47 million," reports the Express.
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