Thursday, December 8, 2022
HomeEntertainmentKing Charles comes under fire for his tax-free inheritance

King Charles comes under fire for his tax-free inheritance

Following the death of queen Elizabeth II, king Charles III now leads the royal family having become the oldest person to assume the throne at the age of 73.

With Charles now ascending to the head of the family, the royal also inherited roughly 370 million pounds from his mother, something which has now drawn the ire of the public eye.Video thumbnailA week in the life of the new king

Criticism of king Charles III

While the laws in England levy a 40 percent inheritance tax on amounts exceeding 325,000, Charles has been granted an exemption following a deal that was struck three decades ago by the now deceased queen who agreed to be taxed in the highest income bracket if her family was granted an inheritance tax exemption.

Then British prime minister John Major stated that the decision would ensure that there was no “danger of the assets of the monarchy being salami-sliced away by capital taxation through generations, thus changing the nature of the institution in a way that few people in this country would welcome.”

Video thumbnail
The video showing King Charles III getting angry at his servants.

However, while the UK experiences some of its worst levels of inflation following World War II and the declining value of the pound, the Daily Mail has reported that 63 percent of UK citizens believe the royal should be forced to pay an inheritance tax.

“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,” Robert Palmer of Tax Justice UK said to the Daily Mail.

- Advertisment -

Most Popular