Prince William slapped with Rs 35-crore tax bill
Prince William, who inherited �10 million Rs 89 crore) from Princess Diana's fortune last week, has been hit by a �4 million (Rs 35 crore) tax bill. And unlike comedian Jimmy Carr and some members of Take That, the royal is not expected to reduce his tax bill by resorting to a loophole scheme.
According to HM-Revenue and Customs, William is expected to face a bill of between £3.6 million and 4 million upon his inheritance.
“The Royal Family pay tax like anyone else,” said a a spokesman from the HMRC. “Tax is payable at 40 per cent or 36 per cent if you make a charitable donation. If someone is given a lump sum they would have to pay tax on that.”
Princess Diana, who died in 1997, left an estate of £12,966,022 (Rs 115 crore) after inheritance tax of £8,502,330 (Rs 75 crore) was deducted. William and his brother Prince Harry are both entitled to half of the tragic Royal’s estate. Diana’s will stated the boys should get their entire share when they turned 25 but executors later changed the age to 30.