Princess Anne’s youngsters, Zara Tindall and Peter Phillips, might face a big monetary problem in the event that they inherit their mom’s Gatcombe Park property.
The sprawling 700-acre property, positioned in Gloucestershire, is valued at an estimated £6 million and has been the Princess Royal’s cherished dwelling for the reason that late Seventies.
The property additionally homes Zara, her husband Mike Tindall, and their three youngsters, alongside Peter Phillips and his household, who reside in separate lodging on the grounds.
The property was bought by the late Queen Elizabeth in 1976 and has since been a cornerstone of Anne’s personal life. Royal specialists have lengthy speculated that Zara and Peter would inherit Gatcombe Park, with Simon Vigar, royal correspondent for five News, calling it Anne’s “endlessly dwelling.”
Ingrid Stewart, editor-in-chief of Majesty Magazine, added, “There’s little doubt that Zara and Peter will try to maintain Gatcombe going. Selling it might be the very last thing they’d ever need to do.”
However, inheriting the property may include a staggering inheritance tax burden.
According to property professional Terry Fisher, the UK’s inheritance tax (IHT) fee is at present 40% for estates exceeding the £325,000 threshold. This may translate to a tax invoice of roughly £2.28 million for Zara and Peter, until they qualify for exemptions or reliefs.
Fisher defined, “Inheritance tax funds are sometimes due inside six months of the inheritance, which may put extra monetary stress on heirs, particularly in the event that they don’t have entry to liquid belongings.”
While the prospect of protecting Gatcombe Park inside the household aligns with Anne’s legacy, navigating this monetary hurdle will seemingly require cautious planning to protect the property’s future.
