Why Princess Anne ‘didn’t inherit anything from late Queen’ in lesser-known scheme

Princess Anne may be snubbed from the Queen’s fortune, with the total sums going to King Charles to avoid paying hefty inheritance taxes. This is due to a convention dating back to 1862 the royals don’t have to pay the taxes if the heir – in this case, King Charles – inherits all his mother’s wealth.

With the King inheriting the late Queen’s estate, he may be keeping a tighter string on the Privy purse which was once used to help out members of the Royal Family. If so, Princess Anne could lose out financially after the death of her mother, who bought her the Gloucestershire estate where she now lives with her extended family. Charles is also now the sole beneficiary of £24 million income from Duchy of Lancaster and oversees the Sovereign Grant, £86.3m last year, paid by the Government to cover the costs of the Royal Family’s official duties and palaces.

With Charles becoming the sole benefactor, it means Princess Anne, Prince Andrew and Prince Edward will not get anything directly from the Queen’s fortune which was last estimated by the Sunday Times Rich list to be £370 million. Some believe it is worth nearly double that figure. While Prince Andrew is not a working member of the royal family, Prince Edward and Princess Anne, the Queen’s only daughter, are.

The Sovereign Grant administered by her elder brother Charles pays for Princess Anne’s royal duties but she has to rely on her own wealth for private living expenses. As well as property Princess Anne has an extensive jewellery collection and a trust fund created by her grandfather George VI. It is not known if she inherited anything from her late father, The Duke of Edinburgh, because a court ruled his will can remain private for 90 years.

Queen Elizabeth II bought her eldest daughter Gatcombe Park when she married first husband Captain Mark Phillips in 1976 and that is said to be worth between £6 and £9million. But Anne has frequently said the 730-acre working farm, which hosts international equestrian events, has to cover its own running costs.

Speaking to Countryfile she once said it was up to her to make the country estate work. She said: “This is not something that comes free, this has got to pay its way, otherwise I can’t stay here.”