Here's why Prince Harry is unlikely to share his fortune with Meghan Markle

DECCAN CHRONICLE
Published Jan 5, 2018, 2:18 pm IST
Updated Jan 5, 2018, 2:18 pm IST
American actress will still have to pay income tax to United States' Internal Revenue Service for three years while living in Britain.
However, if Prince Harry was to move to America to live with Meghan, he wouldn’t be expected to file taxes in Britain. (Alexi Lubomirski/ AP)
 However, if Prince Harry was to move to America to live with Meghan, he wouldn’t be expected to file taxes in Britain. (Alexi Lubomirski/ AP)

It turns out that Prince Harry is unlikely to share his fortune with Meghan Markle even after they get married for the unlikeliest of reasons.

Apparently, Markle will be stung by American income tax.

 

Even though the actress intends to become a Brit after tying the knot in May, she can only become naturalised after living in UK after 3 years.

And, unless the actress renounces her US citizenship, she will have to continue paying tax to the United States' Internal Revenue Service (IRS).

Speaking to The Sun, Royal expert Marlene Koenig said that even when married to a member of the British royal family, as long as she remains a US citizen she will have to pay income tax.

This could cause a headache for the royal family, as if she has more than £221,529 ($300,000) worth of assets in any given tax year, she’ll be expected to file a Form 8938 document revealing the detail of these assets – which may include foreign trusts and details of the royal family’s estate that was previously undisclosed.

The Form 8938 is a pretty likely scenario given Meghan made approximately £36,920 for each episode of Suits and has an estimated net worth of around £3.7million ($5million), according to celebritynetworth.com.

And while when Princess Diana died, Prince Harry received half of her £21.5million estate and shares a £3.5million annual allowance with the Duke and Duchess of Cambridge and receives no public funding, it is possible there may be other family trusts that he receives money from.

Koeing added, “It’s the same thing with some of the Queen Mother’s money, there were rumours that there were different trusts set up, but that’s not public information. With that sort of money, if Meghan’s name is on that account, most likely she would be dinged – that would have to be reported as income in the United States.”

Koeing further added that those at Buckingham Palace and those who run the accounts are looking very carefully at all of this to make sure that the royal family’s money does not get reported to the IRS.

However, if Prince Harry was to move to America to live with Meghan, he wouldn’t be expected to file taxes in Britain.





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