Prince William recently inherited the Duchy of Cornwall estate from his father.
King Charles III pledged to follow the late Queen Elizabeth's example of "selfless duty" as he addressed lawmakers from both houses of parliament for the first time as king in London on Sept. 12, 2022.
After ascending to the throne following the death of Britain's longest-serving monarch, Queen Elizabeth II,The king will not have to pay estate taxes on the newly inherited Duchy of Lancaster property valued at over $750 million. The 45,000-acre estate brought in more than $27 million for the queen last year and includes a luxurious hotel.
A law passed by Parliament in 1993 exempts the king from paying taxes on property inherited from the passing of another monarch. In the United Kingdom, the inheritance tax is 40% and applies to estates valued at over $377,000.
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