Many people wonder how Prince Harry is getting along since his breakup with the Royal Family. Turns out, times aren’t so tough!
Prince Harry can reportedly avoid taxes on his massive $8.5 million inheritance – here’s how experts describe how he holds onto the bag.
Harry Avoids Paying Taxes On His Inheritance
Harry received this inheritance after his 40th birthday last month. It came to him thanks to his late great-grandmother, Queen Elizabeth, the Queen Mother. She died in 2002 at the age of 101. Before her death, she put $90 million into a trust fund for her family. The Queen Mother stipulated that Harry was to access his portion of the trust when he turned 40.
The investment firm Stocklytics has revealed that the British royal family has managed to avoid normal tax rules thanks to the way that the Queen Mother planned out her estate.
“With Prince Harry set to receive the final installment of the Queen Mother’s trust fund, valued at $25 million, many Brits may be asking how much inheritance tax he’ll pay — especially as the latest judicial reviews have cost the taxpayer $650,000 each,” the firm told The Mirror.
“However, due to the way the Queen Mother’s estate was planned and how long she lived, it is likely HMRC [His Majesty’s Revenue & Customs] will not receive a penny in inheritance tax,” Stocklytics continued. “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 $9.7 million,” the investment firm added.
$9.7 million in taxes out of $25 million total? Sounds like a ripoff, and Harry got lucky!
Related: Prince Harry Officially Cuts Ties With U.K. – Lists U.S. As Primary Residence For First Time
Harry Inherited More Money Than Prince William
Harry allegedly received a larger share than what his older brother Prince William did on his 40th. William and his wife Kate Middleton were reportedly “disgusted” by just how big Harry’s share of the inheritance was.
“The royal family most likely would have had a detailed, long-standing financial plan to ensure that not only wealth was transferred from generation to generation, but was also completed in a tax efficient manner,” Stocklytics stated. “It is understood the late Queen received the Queen Mother’s entire estate upon her death, mostly of which consisted of property.”
“The Queen did not have to pay inheritance tax on her mother’s estate, valued at between $65 million and $90 million,” the investment firm concluded.
If we’re being honest, that sounds pretty low for the most powerful and famous monarchs on the planet.
Related: Prince William Reportedly Shuts Down Any Royal Return For Prince Harry – ‘Absolute Ban’
Harry’s Life Today
Queen Elizabeth, the daughter of the Queen Mother, died in 2022 at the age of 96. Two years before that, Harry and his wife Meghan Markle stepped down as senior royals. They then moved across the world to Southern California. Harry and Meghan live there to this day with their two young children, Archie and Lilibet.
Earlier this week, the royal biographer Angela Levin claimed that Harry is “facing trouble with his US visa.”
“He’s got trouble with his visa,” Levin told GB News. “They’re allowed to look again at what the problem is, and he might still not be able to stay there.”
Only time will tell how this turns out for Harry. Regardless of his visa-status, he certainly is lucky to not have to pay taxes on his massive inheritance!
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