Prince William has opted not to disclose the amount of taxes he has paid on income generated by the Duchy of Cornwall, a vast real estate empire that provides him with a private income.
The Duchy, which covers approximately 135,000 acres and includes more than 600 residences throughout England, is a major source of wealth for the Prince.
Prince William’s Tax
Despite substantial profits reported to be around £23.6 million in the last financial year, William has chosen to remain discreet about the taxes he has paid.
Although it is confirmed that he pays capital gains tax, the Duchy itself enjoys tax exemption on its own profits, provided they are reinvested back into the business.
William is also believed to pay income tax on the “distributable surplus,” or his private income from the estate.
The reasons for not disclosing tax data on the Duchy of Cornwall’s income contrasts with that of his father, King Charles, who, during his time at the helm of the Duchy, was more transparent about paying taxes.
When Charles was at the helm, the estate’s financial reports included detailed accounts of taxes paid along with household expenses.
For example, in 2022, Charles, then Prince of Wales, paid approximately £5.89 million in taxes.
Kensington Palace has claimed that William pays an “appropriate” amount of income tax. However, the Telegraph’s sources indicate that the current level of secrecy aligns with what is considered necessary.
Revenue from the Duchy’s distributable surplus, which forms the basis of William’s tax payments, has declined slightly this year, although it is still a sizeable figure.
This year’s surplus amounts to £23.6 million, down about £400,000 from the previous year.
The Duchy attributes this decline to a “slight decrease in operating surplus from property management.”
These profits fund the full spectrum of official, charitable and private activities of the Welsh family, including those of Prince William, Princess Kate and their children George, Charlotte and Louis.
William’s first full year at the helm of the Duchy has also seen a shift in focus to environmental and social issues, particularly climate change and sustainability.