British citizens have to pay a tax when inheriting any money after the death of their parents, but Charles is exempt from the 40% death tax.
Will King Charles have to pay taxes on his inheritance?
Charles the Pretender III won't have to pay inheritance tax
VERIFY: Will King Charles have to pay taxes on his inheritance
King Charles III won't have to pay inheritance tax
King Charles will not have to pay inheritance tax on the Duchy of Lancaster estate he inherited from the Queen due to a rule allowing assets to be passed from one sovereign to another.
Charles automatically inherited the estate, the monarch's primary source of income, while his eldest son, Prince William, inherited the Duchy of Cornwall estate - valued at more than $1 billion - from his father.
A rule introduced in 1993 by the U.K. government safeguards the royal family's assets from being wiped out if two monarchs were to die in a short period of time.