Two in three think King Charles III should pay IHT
A YouGov poll shows 63% of people believe King Charles III should have to pay inheritance tax on the estate he has inherited from the late Queen.
The estate, which is estimated to be valued at £15.2 billion in assets – which technically belong to the “Royal Firm” – includes the royal residences, the Queen’s personal wealth, and the royal archives.
Despite inheriting a vast fortune from the late Queen, King Charles will not pay any inheritance tax due to a clause passed in 1993 meaning any inheritance passed “sovereign to sovereign” will avoid the 40% charge.
A poll has found that almost two-thirds of people believe King Charles III should pay the tax.
The poll, commissioned by Tax Justice UK, shows just 16% of people believed the new King should not have to pay inheritance tax, whilst 21% did not know.
Robert Palmer, from Tax Justice UK, stated:
“It’s clear that a big majority of the public think the King should pay inheritance tax on the private fortunes he has just inherited.
The status quo is pretty ridiculous given how much the Royal Family has in their private fortune.
This is just one of many examples of how very wealthy people can pay low levels of tax and legally avoid paying what is due to the Exchequer.”
It is believed the other members of the Royal Family who are beneficiaries in the Queen’s Will will have to pay inheritance tax.