It has been revealed that the new Duke of Westminster, 25-year-old Hugh Richard Louis Grosvenor, will avoid paying inheritance tax on his late father’s £9bn fortune. Had he been taxed at the usual 40% rate, he would have paid up to £3.6bn in tax – substantially more than the entire NHS deficit of £2.45bn.
Since his father’s sudden death, Grosvenor (the youngest godparent to Prince George) will now become the third wealthiest landowner in Britain and the 68th wealthiest person in the world. He will also own numerous estates in addition to his residence, Eaton Hall in Cheshire. These include large areas in the wealthy London Boroughs of Belgravia and Mayfair.
Most UK citizens are contracted by law to pay an inheritance tax after they inherit. This can be up to 40%. But Grosvenor is able to avoid a significant cut to his £9bn inheritance due to the fact that the estates are held in a trust.
This loophole means that Grosvenor gets out of paying up to £3.6bn in tax. Shockingly, this is only £1bn short of the total inheritance tax collected in the UK last year. Full story...
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Since his father’s sudden death, Grosvenor (the youngest godparent to Prince George) will now become the third wealthiest landowner in Britain and the 68th wealthiest person in the world. He will also own numerous estates in addition to his residence, Eaton Hall in Cheshire. These include large areas in the wealthy London Boroughs of Belgravia and Mayfair.
Most UK citizens are contracted by law to pay an inheritance tax after they inherit. This can be up to 40%. But Grosvenor is able to avoid a significant cut to his £9bn inheritance due to the fact that the estates are held in a trust.
This loophole means that Grosvenor gets out of paying up to £3.6bn in tax. Shockingly, this is only £1bn short of the total inheritance tax collected in the UK last year. Full story...
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