Prince Andrew told his friends that he was “confused” and “despondent” at the King’s failure so far to share their mother’s fortune.
The King was the sole beneficiary of the Queen’s estate, which is valued at more than £650m.
There is said to be “some resentment”, particularly from the Duke of York, that he and his brothers had yet to receive what they felt they owed.
A palace source said the Queen’s wealth passed directly “from king to king” as this was the most “tax efficient” way to transfer it. The decision, made in 1993, meant that inheritance tax would not be paid on assets passed from one state to another.
But this meant that none of the Queen’s other children, including Anne and Edward, ever received the money.
Prince Andrew told his friends that he was “confused” and “despondent” at the King’s failure so far to share their mother’s fortune
There is said to be “some resentment”, particularly from the Duke of York, that he and his brothers have yet to receive what they feel they owe
A friend from the York family said: “Andrew is in desperation. He’s been left completely in the dark. Andrew is one of the family, for God’s sake, and yet he had no idea this was coming. I gather he checked it out and it’s true. It’s all gone.” “king to king”.
‘What was he meant to do? Going in handy for his older brother to keep a roof over his head? Things are going from bad to worse. It’s a disaster.’
The news comes after it emerged yesterday that the King is refusing to pay the £32,000 bill for Indian healer Andrew, a yogi who has come to live at the Royal Lodge, Windsor, for up to a month at a time.
In need of his own income, speculation is growing that Andrew might “do Harry,” as one source puts it, by participating in a prime time interview.
A palace source said: ‘Andrew was not uniquely targeted for abuse. Her late Majesty the Queen supported her children during her lifetime and did support them.
As working members of the royal family, Edward and Anne receive a stipend from the Sovereign Grant to cover costs.
Andrew, however, stepped down from his royal duties more than three years ago when faced with accusations of sexual assault, which he continues to vehemently deny.
He paid millions of pounds in fees to settle the civil lawsuit against him in America. It is believed that he received money from the family.
Now, with no official duties or a job, Andrew relies on his brother’s generosity.
He has finally moved out of his offices at Buckingham Palace and, as The Mail on Sunday revealed, he will almost certainly have to leave his 30-room Royal Lodge and move into Harry and Meghan’s Frogmore Cottage when they vacate later this year.
The King was the sole beneficiary of the Queen’s estate, which is valued at more than £650m
A well-placed source said it was originally suggested by the Queen that Andrew should move to Frogmore, and it was not, as some have suggested, a move of revenge by the King.
It is also understood that the Queen thought it appropriate for William and Kate to move into the Royal Lodge at the appropriate time.
The King vowed to Andrew that he would leave him a house and continue to pay for his own security after he had lost his right to protection by Scotland Yard.
Royal expert Hugo Vickers said: ‘The royal family has done this kind of thing before. The Queen Mother left everything to her daughter, the Queen, in 2002.
Since the king pays no taxes, this is a way of avoiding the death fee – keeping the wealth intact. The Queen Mother gave instructions as to which of her relatives should receive the gift, but her daughter was left in control. I feel a little sorry for Andrew. I do not condone what he did. Fitting in with Jeffrey Epstein was unwise. But he is not a criminal and has been left in a very difficult situation.
The monarch pays no tax on the Queen’s estate thanks to a 1993 decision. Then-Prime Minister John Major said this was to prevent the monarchy’s assets from ‘cutting my peace’ despite capital taxation over several generations, and told the House of Commons that ‘ ‘It is necessary to protect the independence of the monarchy’.
Daphne Barak is a renowned interviewer and documentary filmmaker whose subjects have included Nelson Mandela, Donald Trump, Hillary Clinton, Johnny Depp, Michael Jackson and more. Daphne’s bestselling book Saving Amy, based on her portrayal of months with Amy Winehouse and her family, is being adapted into an eight-part scripted television series by Halcyon Studios.
If the King wished to make a cash gift to his brothers—or any friends and family except his heir William—this would only be exempt from taxation saving the King’s life for another seven years.
Mike Warburton, a prominent accountant and tax expert, said the king would likely be careful not to be seen as a tax avoider. When Princess Diana died in 1997, her fortune was reported to have been around £21 million but around £8 million was paid in taxes. The remainder was divided between her two sons, William and Harry.
Mr Warburton said: “The King, then Prince of Wales, was anxious to pay the correct tax due.
As king, he would have no death duties on the queen’s property as it passed from king to king. He is entitled to make gifts for life to members of the family, but if the king dies within the seven-year period, he is treated as if he were still part of the estate.
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