Prince William and Prince Harry tragically lost their mother in a car crash in 1997. Even after her death, Princess Diana continued to provide for her children and left them a hefty sum of money. However, there were conditions with the inheritance.
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Indeed Prince William and Prince Harry were only given access to the money left by their mother when they reached the age of 30. However, the two Royals didn’t inherit the total amount of money left to them, due to something that all UK citizens have to deal with…taxes.
So how much did Princess Diana leave her sons, and how much did the boys have to pay in taxes?
Princess Diana left Princes William and Harry over £12 million
As per the Express, after her death, Princess Diana left her sons £12,966,022 to share between them. The sum was reduced to £8,502,330 after death duties. Diana got the money through her divorce from then-Prince Charles, shares, jewellery, cash, and personal items from Kensington Palace.
As Prince William and Prince Harry were only 15 and 12 respectively at the time of their mother’s death, the inheritance was placed in a trust fund and was carefully invested by royal advisors.
Thanks to the investments, the boys' inheritance amounted to over £20 million by the time they were of age.
Prince William and Prince Harry paid inheritance tax
Despite being Royals, Prince William and Prince Harry aren’t exempt from paying inheritance tax. According to Express, both Princes had to wait until they were 30 years old to receive the full inheritance.
Due to the amount left to them, both had to pay a huge sum of inheritance tax. Indeed, Prince William was taxed 40% of the total sum left to him.
Back in 2014, a source explained that there was no way for either Princes to avoid paying taxes on their inheritance:
There are few similarities between the average person and Harry and William but when it comes to tax, they also have to pay their way.
William got hit with a hefty bill when he turned 30 and so will Harry. His aides have to work out the most tax-efficient way for him to handle the money.
Prince William and Prince Harry also chose items from their mother’s personal collection. Prince William chose Diana’s Cartier watch and Prince Harry chose Diana’s sapphire and diamond engagement ring, which he later gifted to his brother.
Express: ‘Prince William inherited jaw-dropping sum from mum Princess Diana as well as precious gems’