Monday September 12, 2022 – You may have heard, Queen Elizabeth II passed away. Generally, when someone passes, their estate is passed on to their family. And, often, there are tax ramifications – especially, with an estate the size of the Queen’s.
But, no. Not in this case. In 1993 Parliament passed a law exempts the king from paying taxes on property inherited from the passing of another monarch. In the United Kingdom, the inheritance tax is 40%, applicable to estates greater than $377,000.
Attorney Steven A. Leahy, reviews the tax implications, or lack thereor, to King Charles III upon the passing of his Mother on Today’s Tax Talk.
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649