King Charles 3 Won't Have To Pay Inheritance Tax

After Queen Elizabeth II's passing, King Charles III inherits a wealth realm and doesn't need to pay inheritance taxes.

Journalist reports that the U.K. government established a rule in 1993 to protect the royal family's assets 

From being destroyed if two monarchs died within a short time. In 2002, the Queen Mother died 20 years ago. 

Charles inherited the Duchy of Lancaster, which generated $27 million in revenue for Queen Elizabeth II last year.

In addition, CBS reports that Charles III will inherit the Crown Estate, which is estimated to have more than $34.3 billion in assets.

Charles' eldest child, Prince William, took the $1 billion Duchy of Cornwall estate.

The 40% levy is not imposed on property worth more than $377,000 by members of the royal family but on their constituents.

The Queen began paying income and capital gains taxes on her estate in 1993 by her initiative. Charles might also decide to do so.