Prince Andrew has reportedly been complaining to friends that he has been left none of Queen Elizabeth’s reported £650 million fortune, with King Charles now fully in control of the royal purse strings. Sole inheritor Charles is not required to pay any tax on the money and has so far avoided handing any out to his younger sibling.
According to sources the Duke of York is “bewildered” at having no money, as he lost his taxpayer-funded security and accommodation when he stepped down as a working royal.
He also stands to lose Royal Lodge, his £30 million home in Windsor Great Park he shares with ex-wife Sarah Ferguson, as his annual £249,000 grant will be cut from April.
Without the grant, Andrew will struggle to afford the upkeep on the property, with millions of his own money already being spent in renovations.
Princess Anne and Prince Edward are also said to harbour “some resentment” at not receiving an inheritance, however, as working royals, both are supported by the Sovereign Grant.
Anne owns 700-acre Gatcombe Park in the Cotswolds while Edward, named Duke of Edinburgh last week, has a 150-year lease on Bagshot Park in Surrey.
A friend of Andrew told The Sun on Sunday: “I gather he’s checked it out and there’s no will. He’s in despair. He’s a member of the family, for God’s sake.
“What’s he meant to do? Go cap in hand to his older brother to keep a roof over his head?”
When the Queen was alive she made “generous” provisions for all her children, however, Charles has made it clear that savings have to be made in the royal budget.
It was reported this week that he has refused to pay Andrew’s expenses for a £32,000 yogi to come to his home and treat him.
However, the King has vowed that his brother will not be left without a home.
Royal expert Hugo Vickers told the Daily Mail: “The Royal Family have done this sort of thing before. The Queen Mother left everything to her daughter, the Queen, in 2002.
“As the monarch pays no tax, it’s a way of avoiding death duties – keeping the wealth intact.
“The Queen Mother gave instructions for which of her relatives should receive what gift, but her daughter was left in control.”
According to the royal tax rules if the King wishes to make a cash gift to any friend or family member – apart from his heir Prince William – they will only avoid paying tax if Charles lives for another seven years.
Leading accountant and tax expert Mike Warburton said: “As monarch, he will not incur any death duties on the Queen’s estate as it passes from sovereign to sovereign.
“He is entitled to make lifetime gifts to family members but if the King were to die within the seven-year period, then it would be treated as if it were still part of the estate.” (Express)