King Charles III is facing backlash as it has emerged that he will not pay taxes on the $430 million fortune he inherited from his late mother, Queen Elizabeth II.
The Queen -- who celebrated her Platinum Jubilee this year -- passed away on September 8, 2022 at age 96. Her son, Charles, immediately became King Charles III, with Prince William and Kate Middleton taking on Charles and the late Princess Diana's former titles, the Prince and Princess of Wales.
King Charles's current wife, Camilla Parker-Bowles, will serve as Queen consort. The couple's formal coronation is expected to be held later this year.
The new sovereign's brief reign has already been fraught with controversy, including an odd debacle in which Prince Harry's wife, Megan Markle, the Duchess of Sussex, would not hand over a bouquet of flowers to a royal aide.
Now, the news that King Charles will not pay any inheritance tax on the fortune that has been left to him has people around the world in an uproar. According to a Newsweek report regarding the tax exemption:
That as monarch, Charles, will not be required to pay inheritance taxes on the late queen's personal fortune or property has been called an "absolute disgrace," by the anti-monarchist group Republic, as Britain is currently in the midst of a cost-of-living crisis.
Inflation in the U.K. hit 10.1 percent in July, its highest level in 40 years.
The outlet spoke to Republic CEO Graham Smith, who stated, "We [the British people] just keep on throwing more money at them and they keep accumulating it while spending more of our money on their day-to-day costs."
The article went on to note that British law dictates that the general public pay a 40% tax on inherited property and assets that values over £340,000 ($397,000). If this applied to King Charles, he would be required to hand over £148 million ($173 million) to the government.
Per custom, however, when property is passed from monarch to monarch, taxes are not paid.
It is worth noting that, per the Queen's will, the exact amount of her net worth will remain private. However, Britain's The Times approximated the $430 million amount based on research into her estate.
What do you think about King Charles not paying an inheritance tax?
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