Charles III abdicates to the British throne. He inherits from Elizabeth, also the private wealth of his late mother, a huge estate, but insufficient to compete with the wealthiest Britons.
II. An enormous portion of Elizabeth’s wealth would pass to Charles without receiving a penny in British state inheritance taxes.
But the main wealth of the royal – the Crown property and the royal collection of art and jewelry – belongs to the monarchy as an institution, and therefore Charles will not be in a special capacity.
In the age of transparency, nothing compels British monarchs to disclose their private finances.
But according to the Sunday Times, Queen Elizabeth II. Elizabeth had a personal fortune of £370m in 2022 (5m more than in 2021).
That amount puts the monarch behind 27 times the fortunes of Harry Potter author JK Rowling and many British aristocrats, including the Duke of Westminster.
“We have not included the Queen’s estates (worth £11.5bn) in the Queen’s fortune because she does not control them, and the royal art and jewelery collection is worth £10bn,” the authors write. times.
The monarch also leaves a substantial portfolio of shares and a stamp collection worth £100m, according to the same source, although it has not been “affected by the volatility of the markets” in recent years.
His private wealth also includes Sandringham’s royal realm, jewellery, cars, and an inheritance from his mother, Queen Elizabeth, better known as “The Queen Mother”.
And if Buckingham Palace, his London residence, and Windsor Castle are state property, then Balmoral Castle, the royal summer residence, and their home in Sandringham, where the royal family traditionally celebrate the holiday year, belonged to the Queen and bequeathed to Charles.
With a personal fortune of around £75m, Charles has so far not been included in the list of 1,000 richest people in the UK.
But that’s about to change, especially as the heir enjoys preferential treatment: unlike other Britons who inherit more than £325,000, they won’t have to pay 40% inheritance tax.
This privilege, which dates back to 1993, aims to prevent the king’s legacy from flying away and decreasing by 40% with each succession if several monarchs die within a few years.
It should also guarantee the monarch’s financial independence from the state.
However, upon accession to the throne, Charles would forfeit his income from the Duchy of Cornwall, which he had received since 1952, an inheritance benefiting the monarch’s eldest son.
This area will fall into the hands of Prince William, but Charles will take over another duke of Lancaster, whose income covers the official expenses of the monarch and the royal family.
In addition, he will have a “sovereign grant”, an annual subsidy paid by the British Government, set at 15% of income from Crown assets.
This amount, of £85.9 million, including £34.4 million for the renovation of Buckingham Palace in 2020-2021, allows for the payment of salaries of the monarch’s staff, the maintenance and management of the palaces, official travel and receptions.
source: Noticias
