Prince Harry is scheduled to receive £10 million — or $17 million — on his 30th birthday Sept. 15 as an in inheritance from his late mother Diana. A newspaper notes it should be enough to satisfy his bachelor lifestyle.
Taxes on the inheritance would be about £4 million, or about $6.8 million, but the newspaper reports that nearly half a million pounds can be spared if he donates money to charity.
His older brother William paid the same 40 percent estate tax two years ago when he received his inheritance, the newspaper reported.
“There are few similarities between the average person and Harry and William but when it comes to tax, they also have to pay their way,” a royal insider told the newspaper. “William got hit with a hefty bill when he turned 30 and so will Harry. His aides have to work out the most tax-efficient way for him to handle the money.”
Harry, who currently makes about $66,000 a year as an army captain, was only 12 when his mother died in the tragic car accident in Paris in 1997, the newspaper reported.
She reportedly left about $22 million to her two sons but through investments the fund has increased nearly 40 percent, sources told the newspaper. She received her fortune after her settlement from her divorce with Prince Charles.