Samsung Chairman Lee Jae-yong Completes Record £6 Billion Inheritance Tax Payment

Samsung chairman Lee Jae-yong, alongside his mother Hong Ra-hee and sisters Lee Boo-jin and Lee Seo-hyun, has concluded the payment of a 12 trillion won (GBP#6 billion; USD#8 billion) inheritance tax bill. This sum represents the largest such settlement ever recorded in South Korea, disbursed in six instalments over the past five years.

The colossal tax obligation originates from the estate of the late Samsung chairman, Lee Kun-hee, who died in October 2020. His fortune, valued at 26 trillion won (GBP#16 billion), comprised shares, substantial property holdings, and extensive art collections.

Samsung officially confirmed on Sunday that the final payment had been processed. The company highlighted that the total tax amount is approximately one and a half times South Korea's entire inheritance tax revenue forecast for 2024. The family issued a statement asserting that "paying taxes is a natural duty of citizens."

According to the Bloomberg Billionaires Index, the Lee family's combined net worth exceeds USD#45 billion. This wealth has significantly increased over the past year, driven by the global artificial intelligence (AI) industry's demand for computer chips, which has bolstered the stock market valuation of Samsung Electronics. Samsung's extensive operations span electronics, including its position as one of the world's leading smartphone manufacturers and a major producer of televisions, alongside heavy industry, construction, and financial services.