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.