Prince Harry is likely to have received plenty of presents for his 40th birthday last month, however, there is one gift the duke received that was significantly more expensive than the others.
According to reports, the Duke of Sussex received a £7 million fortune thanks to money left for him by his great grandmother The Queen Mother. Prince William has also been left a sum that he reportedly inherited before.
While most Brits would be left with a huge tax bill when inheriting money, experts believe the prince, who quit life as a senior royal in 2020, will not have to pay a penny on his inheritance, which came from the Queen Mother’s £19million trust fund.
The Mirror reported that this is because of the way the trust was set up.
Financial experts from Stocklytics said: “Due to the way the Queen Mother’s estate was planned and how long she lived, it is likely HMRC will not receive a penny in inheritance tax.
“According to current regulations, inheritance tax only applies to a trust if it was set up within seven years of the individual’s death. However, since the Queen Mother died in 2002, this trust would no longer be subject to inheritance tax.
“If the Queen Mother had died within the seven years a trust is subject to inheritance tax, HMRC could have been owed up to £7.47 million.”
This is likely to be welcome news to the prince, who has reportedly brought a holiday home in Portugal with his wife Meghan Markle.
The property is not too far from the home of his cousin Princess Eugenie, 34, who he has always shared a close bond with.
Harry and Meghan currently live in a mansion in Montecito, which reportedly cost around £11million, with their two children Prince Archie, five, and Princess Lilibet, three.
They moved to the property in 2020 after quitting life as senior royals to become “financially independent”.
The home reportedly has nine bedrooms and 16 bathrooms, and offers the couple the privacy they escaped the UK to have.