PRINCE William has opted not to reveal how much tax he pays on the private income he receives from his giant property portfolio.
His billion-pound Duchy of Cornwall estate, which he inherited after the death of Queen Elizabeth, generated profits of £23.6 million in the last financial year and he is understood to pay income tax on the full amount, less household costs, which have also not been disclosed.
The surplus is used to fund the private lives of the Prince and Princess of Wales and their children as well as their official and charitable work.
It is a notable change in approach from William to his father King Charles when he was heir to the throne.
When the King was Prince of Wales, he published a full breakdown of household costs and the amount of tax he paid annually, which for the year ending 2021 was just over £5m and the year ending 2022, £5.89 m
The King’s annual review would detail his broad income and expenditure of the Duchy money, plus details of the number of valets, housekeepers, dressers, chefs, butlers and gardeners he employed, as well as his tax bill.
Kensington Palace insisted that the Prince was paying the “appropriate” level of income tax, which is understood to be more than his father paid due to the higher income generated.
Asked why the Prince was being less transparent, sources said this was how they had opted to do it for now and that it reflected “what was required”.
It comes after the finance reports revealed the monarchy is to receive a boost of more than £45 million, with a 53% jump in its official annual income to more than £130m.
Soaring profits from the Crown Estate to £1.1 billion mean the taxpayer-funded Sovereign Grant, which supports the official duties of the royal family, will increase from £86.3m in 2024/2025 to £132m in 2025/2026.
Officials said the increase will be used to help fund the final stages of the 10-year £369m renovation of Buckingham Palace, keeping it on time and budget.
