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Entertainment

Web Desk
September 20, 2020

How Prince Harry, Meghan’s decision to quit royal family will benefit son Archie

Entertainment

Web Desk
Sun, Sep 20, 2020
How much Prince Harry, Meghan’s decision to quit as royals will benefit their son Archie financially?

Prince Harry and Meghan Markle’s son 16-month-old Archie Harrison Mountbatten-Windsor could hugely benefit financially from the decision of his parents quitting the royal family and settling down in the United States.

The Duke of and Duchess of Sussex stepped down as senior royals and first moved to Canada and then to the United States when their son Archie was less than a year old.

According to a report published by the Daily Express UK, although the inheritance tax rate in Britain and the US is same at 40 percent, but in the United States, a tax-free allowance is a whopping $11.58 million and in UK it is that of only £325,000.

It means, if Archie was inheriting from his mom Meghan, who is a US citizen, he would automatically qualify for $11.58 million tax exemption.

But for tax-exempted inheritance from his dad, Archie’s father Harry would need to be a US-domicile, meaning he pays taxes in America.

In addition to this whopping $11.58 million, that also includes all the money gifted during a lifetime and upon death, the duke would also be able to give his son an extra yearly sum of tax-free money that is around $15,000 per year throughout his life in the US.

Also, Archie will benefit financially in the US by earning his own, however, if he was in the UK, he had to spend his whole time doing charitable work on behalf of the royals.