Diana, Princess of Wales: Prince Harry must wait until 30 before taking control of his money

Prince Harry

Prince Harry became a multi-millionaire when he celebrated his 25th birthday this week – but a family trust prevents him from having full access to all the money just yet.
The third in line to the throne is entitled to part of the inheritance left to him by his mother, Diana, Princess of Wales. Like his brother, Prince William, Harry was left £6.5m in the Princess’s will following her death in a car crash in 1997. Diana had an estate of £21m, but more than £8m was paid in inheritance tax (IHT), leaving £12,966,022.

It was divided equally between William and younger brother Harry. Changes agreed to the will in December 1997 meant that, upon reaching 25, William and Harry would be entitled to the whole of the income of their share. Before the age of 25, income could be paid at the trustees’ discretion. The trustees can pay over capital at any time, but when the Princes turn 30 they can ask for their share of the capital in full.

The Princess’s estate was made up of stocks and shares, jewellery, her multi-million pound divorce settlement, dresses and personal items from Kensington Palace.

Harry is currently training to become an Army Air Corps helicopter pilot, and as a Lieutenant in the British Army is on a pay band of between £29,006 and £32,061.

telegraph.co.uk