King Charles III would not have to pay taxes in excess of R$3 billion; understand

King Charles III will not have to pay tax on legacy About the estate of the Duchy of Lancaster which he inherited from Queen Elizabeth II, died on Thursday (8). According to Business Insider, the king automatically receives ownership due to a rule that allows assets to be transferred from one state to another.

In order to possess the inheritance, the new king will not have to pay tax of more than 750 million US dollars (about 3.8 billion Brazilian reals) due to a rule introduced by the UK government in 1993 to prevent the liquidation of royal family assets if two monarchs die in a short period of time.

The clause states that members of the Royal Family are not required to pay a 40% tax on properties worth more than £325,000. This provision was first applied in 2002, when the mother of Queen Elizabeth II passed away and sent her assets worth about $80 million, which included a collection of Faberge eggs.

The Duchy of Lancaster owns thousands of acres in England and Wales, including major urban developments, historic buildings, farmland and natural areas A portfolio of financial investments. It is the main source of income for the royal family and generated revenues of 24 million pounds last year.

The Duchy of Cornwall, formerly owned by Charles, passes to Prince William. The value of the property amounted to more than 1 billion US dollars, which is about 5 billion Brazilian reals.