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What will King Charles III inherit from the late Queen? Will he have to pay inheritance tax? And how large is his personal fortune and estate?

Under a government agreement, King Charles III won't have to pay the U.K.'s standard 40% inheritance tax on the massive wealth he inherits from his mother, Queen Elizabeth II.

Wpa Pool/Getty Images(LONDON) -- The death of Queen Elizabeth II, who ruled for seven decades, has brought about a moment of transition for the British monarchy. And that also applies to the monarchy's finances. King Charles III, her son, ascended to the throne but likely will not be officially crowned for months. Currency in Britain and Commonwealth countries worldwide still features Elizabeth, and it remains unclear when Charles will appear on money. For now, the royal family joins Britain in a national mourning period until Sept. 19, the day her funeral takes place. Questions have alre...

Wpa Pool/Getty Images(LONDON) -- The death of Queen Elizabeth II, who ruled for seven decades, has brought about a moment of transition for the British monarchy. And that also applies to the monarchy's finances. King Charles III, her son, ascended to the throne but likely will not be officially crowned for months. Currency in Britain

Under a government agreement, King Charles III won't have to pay the U.K.'s standard 40% inheritance tax on the massive wealth he inherits from his mother, Queen Elizabeth II.