Prince William’s Tax Bill Hits £7m, Says Times
Prince William has been named among Britain’s biggest taxpayers after a report estimated the Prince of Wales pays up to £7 million a year in income tax. The figures place the 43-year-old heir to the throne in the top 0.002 per cent of UK taxpayers, and renew scrutiny of how the royal duchies generate and declare income.
The Sunday Times revealed that Prince William’s income tax bill is thought to be in the region of £5 million to £7 million, largely linked to the surplus he receives from the Duchy of Cornwall, the private estate inherited by the monarch’s eldest son.
The report said William derives most of his income from the duchy, which is worth about £1.1 billion and provides him with more than £20 million a year. Under a 2013 agreement between the late Queen Elizabeth II and the Treasury, the monarch is not legally liable for income tax, capital gains tax or inheritance tax, and the Prince of Wales is also not legally liable to pay income tax on money received from the Duchy of Cornwall, although both have historically paid income and capital gains tax voluntarily.
The article also noted that the Prince of Wales can deduct official expenditure from duchy income before calculating his tax bill, and quoted a Kensington Palace spokesperson saying William pays the top rate of income and capital gains tax on his personal income, including receipts from the duchy.
The latest figures follow heightened calls for transparency after previous reporting on the duchies’ commercial arrangements, and come as Prince William continues public duties while overseeing the Cornwall estate’s finances as part of his long-term role as future king.
