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The Guardian - UK
The Guardian - UK
National
Daniel Boffey

King Charles will not pay tax on inheritance from the Queen

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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