Prince Harry avoids paying tax on his $8.5M inheritance heres how

Prince Harry’s hefty $8.5 million inheritance will not be subject to tax deductions, investment experts have said.The Duke of Sussex received the generous cash gift on his 40th birthday last month — thanks to arrangements made by his late great-grandmother, Queen Elizabeth, the Queen Mother.The late Queen Elizabeth II’s mother put $90 million into a trust fund for her family and listed that Harry was to access his share of the trust when he turned 40 as one of the fund’s stipulations.While it was originally reported that Harry would have to pay tax on his earnings, investment firm Stocklytics says the royal family has avoided normal tax rules due to how the Queen Mother planned out her estate.“With Prince Harry set to receive the final installment of the Queen Mother’s trust fund, valued at $25 million, many Brits may be asking how much inheritance tax he’ll pay — especially as the latest judicial reviews have cost the taxpayer $650,000 each,” the firm told The Mirror.“However, due to the way the Queen Mother’s estate was planned and how long she lived, it is likely HMRC [His Majesty’s Revenue & Customs] will not receive a penny in inheritance tax.”They continued, “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 7 years a trust is subject to inheritance tax, HMRC could have been owed up to $9.7 million,” they added.Unlike his estranged brother Prince William, who received a ceremonial bell concert at Westminster Abbey on the milestone birthday, Harry reportedly received a larger share than what William did on his 40th.It was previously reported that William and his wife, Princess Catherine, were left “disgusted” at Harry’s share of the inheritance.“The royal family most likely would ...