Despite marrying into Britain’s most famous family earlier this year, Meghan Markle is still an American citizen. Her journey to legally become a British subject will take several years to complete and during this time, the Duchess of Sussex will still have to pay tax in the United States. This means that every penny of her royal income will need to be declared to US officials, who will be keen to know how much the 37-year-old earns, saves on rent and receives in gifts from the Royal Family.
But that’s not all. Strict American rules could mean that Prince Harry’s money also comes under threat from the tax man. This is because guidance notes for US citizens state that “you are generally taxed on income available to you, regardless of whether it is in your posession.” Therefore, the Duke of Sussex’s £20million trust fund, set up with money he inherited from the late Princess Diana and the Queen Mother, could be liable for tax, as it is money which is “available” to Meghan as Harry’s wife.
This account produces an income of £300,000 a year for the 34-year-old prince, on which he already pays UK income tax. If that weren’t bad enough, royal aides recently told The Sunday Express that the tax probe could also extend further into the family and impact the Queen and Prince Charles as they both provide funding for the couple.
One aide revealed: “We’re looking at a level of financial exposure the Royal Family has never had to face before. It’s the royal household’s worst nightmare.”
Buckingham Palace will reportedly be recruiting a team of US financial experts to assist with Meghan’s tax returns.
[From The Daily Mirror]
Buckingham Palace will reportedly be recruiting a team of US financial experts to assist with Meghan’s tax returns!
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