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Business News/ News / World/  King Charles’ brother, Prince Andrew, afraid of losing annual allowance, may have to vacate home: Report
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King Charles’ brother, Prince Andrew, afraid of losing annual allowance, may have to vacate home: Report

‘What’s he meant to do? Go cap in hand to his older brother to keep a roof over his head?’ asked a friend of Prince Andrew.

Britain's Prince Andrew, Duke of York attends the Royal Family's Christmas Day service at St. Mary Magdalene's church, as the Royals take residence at the Sandringham estate in eastern England, Britain December 25, 2022. REUTERS/Toby Melville (REUTERS)Premium
Britain's Prince Andrew, Duke of York attends the Royal Family's Christmas Day service at St. Mary Magdalene's church, as the Royals take residence at the Sandringham estate in eastern England, Britain December 25, 2022. REUTERS/Toby Melville (REUTERS)

King Charles’ brother Prince Andrew is reportedly unhappy that he has not received any inheritance from Queen Elizabeth II's £650 million Duchy of Lancaster estate since her death last September. Although the estate was automatically left to King Charles, the Prince feels "bewildered" that his older brother has not shared any of the new wealth with his siblings, as per Daily Mail.

The situation has caused resentment for Prince Andrew, who feels left in the dark about the inheritance. The Queen's fortune passed directly "from monarch to monarch" for tax efficiency reasons, leaving no inheritance for family members, the publication reported. The new legislation passed in 1993 meant that no inheritance tax had to be paid on the transfer of assets from one sovereign to another.

Also Read: King Charles takes away Queen Elizabeth’s wedding gift to Harry-Meghan, their UK home

As a result, Prince Andrew is in despair and faces losing his annual £249,000 allowance from the Duchy of Lancaster from April. He may have no choice but to vacate his home, the Royal Lodge in Windsor, due to rising refurbishment costs, according to Daily Mail. The King has reportedly refused to pay for Prince Andrew's Indian healer guru, who charges £32,000 a year, causing further tensions between the siblings, the publication added.

The situation has only worsened for the Prince, who stepped back from public life in 2019. Although Royal sources insist that the King would not leave his brother "homeless or penniless," the Prince's financial predicament appears to be a “disaster".

Also Read: Big celebs refuse to perform at King Charles’ coronation

“What’s he meant to do? Go cap in hand to his older brother to keep a roof over his head? It’s a disaster," a friend of the Prince told the publication.

Two American broadcasters, according to recent reports, have approached Prince Andrew with offers for a new tell-all interview in the UK. The Duke of York is said to be considering "telling his side" of the story in hopes of redeeming his reputation, more than three years after his controversial interview with Emily Maitlis on BBC's Newsnight regarding his ties to convicted paedophile Jeffrey Epstein.

Prince Andrew has faced accusations of sexual assault from Virginia Giuffre, one of Epstein's victims, when she was underage in the US. Despite his consistent and vehement denials of the allegations, he was stripped of his military titles and asked to step down as a working royal last year. He subsequently paid Giuffre a multimillion-pound settlement to avoid the case going to court.

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ABOUT THE AUTHOR
Sounak Mukhopadhyay
Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. He's worked for the International Business Times, The Inquisitr, and Moneycontrol in the past. He's also contributed to Free Press Journal and TheRichest with feature articles. He covers news for a wide range of subjects including business, finance, economy, politics and sports. Before working with digital news publications, he worked as a freelance content writer.
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Published: 13 Mar 2023, 02:12 PM IST
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