Nimesh Shah, of accountancy firm Blick Rothenberg, said: “It might be a complete coincidence, but leaving in March 2020 just at the end of the old tax year, and coming back this year. That’s a beautiful period for tax purposes.”
He said: “From my perspective, you wouldn’t advise it any better than that. It’s the perfect timeframe to be outside of these rules.”
However, the Sussexes would have paid tax in California if they sold assets while over there that they had previously acquired in the UK.
Because California’s capital gains tax is higher than Britain’s – amounting to as much as 37.1 per cent, compared with 24 per cent in this country – they would have been unlikely to face a UK tax bill upon their return in any case.
Harry’s family riches
Prince Harry was the beneficiary of considerable inheritances before his marriage.
Diana, Princess of Wales, left her sons the bulk of £12,966,022, after an £8,502,330 inheritance tax bill was paid.
In her will, she stipulated that her estate, which comprised stocks and shares, jewellery, cash from her £17m divorce settlement, dresses and other personal belongings, should be held in trust to be shared equally between Prince Harry and Prince William.
The will stated that her sons would be entitled to their entire share of the capital on reaching the age of 25, but after her death the executors changed the terms of the will to raise the inheritance age to 30.
The money was shrewdly invested by royal advisers which saw it grow to an estimated £20m by the time Harry could access it in 2014.
Another income stream came from the late Queen Mother. In 1994, she had set up a trust containing around £19m for her great grandchildren – which included William and Harry.
