Meghan Markle’s Citizenship May Cause Tax Nightmare To Royal Family
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The Duke and Duchess of Sussex might be facing a “tax nightmare” as the United States taxman check whether the Royals owe them a slice of their fortune.
Meghan Markle, famous for her Rachel Zane character in the hit TV series “Suits,” married Prince Harry earlier this year. Although she married into a British family, not to mention the most famous one in the country, Markle is still a US citizen.
She currently has a Leave to Remain immigration status that allows her to stay in the United Kingdom with no limit. Since it will take several years before she obtains her British citizenship, Meghan is still required to pay her US taxes and that includes her travel expenses, royal accommodation, and jewelry, according to Mirror.
All “available” income of the 37-year-old former actress turned Duchess of Sussex and soon-to-be mother will face scrutiny by US tax inspectors. Not only will they look into every penny she earns and all the gifts she receives from the Royal family, but they may also look into Prince Harry’s private wealth, including his £20 million trust fund, which contains the money he inherited from his late mother Princess Diana and the Queen Mother.
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Prince Harry is already paying taxes in the UK but may also pay US taxes as his earnings could be considered “available” to Meghan.
In addition, the Inland Revenue Service’s strict guidelines may allow them to check the personal fortunes of Prince Charles and the Queen because they provide financial support to the couple. The Royal aides are concerned that the family will face a huge tax bill. One even said: “We’re looking at a level of financial exposure the Royal Family has never had to face before. It’s the royal household’s worst nightmare.”
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The Royal Family reportedly enlisted the professional help of a team of US financial experts to deal with Meghan’s tax problems, per The Sun.
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I am no tax expert, but it seems unlikely that Prince Harry’s wealth or any wealth of the Royal Family would be taxable as they are British citizens whose incomes are not subject to American taxation. Meghan, whose income and residuals result from her work in the American entertainment industry, is an Americsn citizen and will owe taxes on that income and any profits on investments she may have. Since she was engaged to Harry, however, she has not worked; therefore, she has no earned income to tax. Interesting problem to ponder though!
Hey! Susan… I’m right there with you.
One would think with all the financial experts the Royal family has at their beck-and-call, they would have ironed this “problem ” out. Henry and Markle have been married for 7+ months,she has lived in the UK for the past year(unemployed) I can’t imagine she has earned very much in residuals,Diana’s Estate is solely her sons’ inheriterence, he was getting before they Wed…….
I don’t think it takes that long to figure out how much she owes in US taxes.she, however, should be very, very careful if she thinking about bringing her Mom over.
Now, that I see as a real tax mess.
Hey, Pennie! Great to meet up! Yes, mom-in-law might put a wrench into the finances if she works. However, if she moves permanently to the UK and lives with Meghan and Harry, Meghan could count her as a dependent and lower her taxes. If they both become Btitish citizens, however, their taxes will be much, much higher. I love Britain, but I probably could not afford to live there.
Hope you had a great Thanksgiving and will have a wonderful week!
Isn’t it funny how once you toxic windbags spinsters flood a message board with your inane commentary, the editors shut it down?
I would not put your commentary up for any prizes, Troll!