Two-thirds of us say Charles III should claim the Queen’s inheritance, poll finds

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King ‘should pay inheritance tax’: Two-thirds of us say Charles III should run for Queen’s inheritance, poll finds

Almost two-thirds of the public believe the king should pay tax on his private inheritance, according to a poll.

The Queen agreed to pay income and capital gains tax in 1993 – but ‘sovereign to sovereign bequests’ are exempt from inheritance tax.

Her Majesty’s personal wealth was estimated at £370million, which would make the King liable for an inheritance tax bill – usually charged at 40% above a £325,000 threshold – of £148 million pounds.

Now a YouGov survey has found that 63% of the public think they should pay inheritance tax.

Nearly two-thirds of the public believe the king should pay tax on his private inheritance, poll finds

In the poll, commissioned by campaign group Tax Justice UK, 16% said the king should not pay inheritance tax, while 21% did not know.

The monarch’s overall wealth is estimated to be around £24billion, including assets such as Buckingham Palace which are only officially owned by her.

It is run by the Crown Estate, which cedes any profit to the Treasury, receiving part of it as a Sovereign Grant to fund the monarch’s official duties.

Campaigners have argued this should be exempt from inheritance tax, while the Queen’s personal wealth, which included property, private investments and racehorses, should be taxed.

Robert Palmer of Tax Justice UK said: ‘It is clear that a large majority of the public believe the King should pay inheritance tax on the private fortunes he has just inherited.

The monarch's overall wealth is estimated to be around £24billion, including assets such as Buckingham Palace which are only officially owned by her.

The monarch’s overall wealth is estimated to be around £24billion, including assets such as Buckingham Palace which are only officially owned by her.

“The status quo is quite ridiculous given the private wealth of the royal family.

“This is just one of many examples of how very wealthy people can pay low levels of tax and legally avoid paying what is owed to the Exchequer.”

But defenders of the rules argue that it is wrong that the wealth of the royal family is reduced with each generation.

Inheritance tax remains deeply controversial as it tends to hit middle-class earners the hardest, as very wealthy people are able to exploit legal loopholes, such as gifts and trusts.

In 2016, the new Duke of Westminster inherited £9billion almost tax-free when his father died because his estate was held in trust.

The poll result came as King Charles planned a slimmed down coronation next spring to reflect his new monarchy.

Sources said the new ruler would like his ceremony to be “shorter, smaller and cheaper” to recognize the country’s cost of living crisis and to reflect how the royal family will operate under his leadership.

YouGov interviewed 1,705 people between September 15 and 16.

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