economy
Harry and Meghan's homecoming comes with a multimillion-dollar tax catch—waiting four years could have shielded their $60 million fortune
Harry and Meghan, the Duke and Duchess of Sussex, are returning to the U.K. after living in the U.S. for the past six years. They’re moving from their Montecito mansion to a private residence outside of London, but the timing of their surprise homecoming could mean they miss out on tax breaks. Experts say that they’re leaving potential savings on the table, which could be worth millions.
TL;DR
- The Duke and Duchess of Sussex are returning to the UK after six years in the US.
- Their return timing means they may miss out on significant tax benefits potentially worth millions.
- Harry missed out on four years of Foreign Income and Gains (FIG) relief by not completing a 10-year non-residence period.
- He also misses out on inheritance tax advantages that would have shielded his non-UK assets.
- The couple's six-year non-residency allows them to avoid UK capital gains tax on past foreign investment disposals due to rules on 'temporary non-residents'.
- Reasons for their return may include Prince Harry's desire to reconcile with his family and his father's health.
- Their children, Archie and Lilibet, have reportedly been enrolled in British schools.