Prince Harry and Meghan Markle hit with £112k tax bill – before duke inherits £7m fortune

Prince Harry and Meghan Markle hit with £112k tax bill – before duke inherits £7m fortune
The Duke and Duchess of Sussex have reportedly been faced with a huge tax bill for their American mansion.

The couple have been hit with a huge tax bill for their Montecito mansion
Prince Harry and his wife Meghan Markle have reportedly been hit with a new property tax bill of over £100k for their Montecito mansion, just weeks before the Duke of Sussex is set to inherit a large fortune.

GB News reported that new claims suggest the couple have been hit with a £100,000 plus property tax bill for their seven-bed mansion, which they paid £11 million for in 2020.

The tax is charged by the local government, with the amount being determined by a number of factors including the value of the home itself.

This comes after Harry, 39, and Meghan, 43, paid £112,000 in tax for their sprawling home in 2023, according to Santa Barbara figures.

This was paid by the Duke and Duchess in two instalments last year.

The year before, the Duke and Duchess were reportedly hit with a £110,000 property tax bill on the mansion.

The news of the tax bill, which has reportedly spiked over recent years, comes just before Prince Harry’s 40th birthday, wherehe is set to inherit a very large sum of money from the late Queen Mother.

According to The Times, Prince Harry’s late great-grandmother is understood to have set up a trust with an estimated £19 million in 1994 as a way of providing a tax-free lump sum to her great-grandchildren.

The Queen Mother was 94 at the time the fund was set up.

The money was to be distributed between her younger relatives with a first payment on their 21st birthdays and a second payment when they reached the age of 40.

The Times reported that a former Palace aide said: “There was a trust fund set up at the time.

“It was a way in which the Queen Mother could set aside money for when her great-grandchildren were older and a way of passing a slice of her estate down in a tax-efficient way.

“It was a way in which some of her estate could be ring-fenced for them.”

Although the exact amount the Duke is set to inherit has not been confirmed, it is believed Harry is expected to receive around £7 million as his share for his milestone birthday.

It is believed this will be paid soon after he turns 40 on Sunday.

Prince Harry’s 40th birthday is this Sunday, with the Duke expected to stay in California for the celebrations.

No members of the Royal Family will be flying across the pond to see the Duke.

The Sussexes have been approached for comment.