Diana and the Taxman

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Prince Charles is to abandon legal moves to save his sons millions of dollars in inheritance taxes following the death of Princess Diana, reports People Daily.

Prince William, 15, and Prince Harry, 13, face a 40 percent tax bill on her estate, which reportedly is worth $35.5 million. After her 1996 divorce from Charles, Diana did not change her will to take into account her new wealth a $28.7 million settlement, plus interest. Diana had earlier estimated her wealth at a mere $1.7 million.

Because the settlement was based on a life expectancy of 85 and Diana died only a year after the divorce lawyers for Prince Charles considered trying to get a court to overturn the settlement and return the money to her ex-husband, who would put it in a trust for his sons. A spokeswoman for the Prince of Wales said: "We are keen that all tax dealings should be seen as straightforward and that there should be no question of the Royal Family receiving preferential treatment."

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