Prince William has decided to forgo £1.5 million in annual rent from the Duchy of Cornwall, directing the funds toward community regeneration instead. The announcement came as the prince’s finances were published, revealing a private income of £21.6 million for 2025-26 and a tax bill of £7.76 million, disclosed for the first time.
Background of the Duchy Lease
A 2024 investigation by Dispatches and The Sunday Times uncovered that the Duchy of Cornwall signed a £37 million deal in 2022 to lease Dartmoor Prison to the Ministry of Justice. The lease, agreed before King Charles III ascended the throne and William became Prince of Wales, included an annual rent of £1.5 million over 25 years. Additionally, the Duchy made a separate agreement with the Ministry of Defence to allow military training on Dartmoor land.
However, the category C prison in Devon has been empty since July 2024 after high levels of radon gas were detected in prisoners’ accommodation. Radon is a naturally occurring toxic gas found in soil and rocks that can cause lung cancer.
Community Regeneration Fund
A community-led regeneration fund will be launched next year, focusing on social, economic, and environmental benefits for Princetown, the isolated rural community adjacent to the prison. The prince’s private secretary, Ian Patrick, stated: “Prince William knows that for many people in Princetown, the prison has long been part of the fabric of the community. Its closure has created genuine uncertainty, not just about jobs and businesses, but about the future of the town itself. The duke felt strongly that, while those questions remain unanswered, the benefit of this income should remain in the community, helping local people shape that future.”
Financial Transparency
As heir to the throne, William is entitled to the annual profits from the billion-pound Duchy landed estate, which spans 51,800 hectares across 19 counties. He became the 25th Duke of Cornwall nearly four years ago. Unlike his father, who published his tax bill when he was Duke of Cornwall, William had never previously disclosed his own tax bill. He decided to foster greater transparency, coinciding with King Charles’s first release of his tax bill as monarch.
William pays income tax voluntarily at the highest rate on any net surplus, after official expenditure is deducted. For 2024-25, he paid £7.76 million in income and capital gains tax, and £8.34 million in 2023-24. Since becoming Prince of Wales, he has paid over £20 million in tax to HMRC.
Ian Patrick added: “The prince recognises the interest in these arrangements and the importance of appropriate transparency.”
Household and Diversity Figures
Kensington Palace reported that the number of staff employed by the couple’s household has increased to 74 from 68. Diversity figures show that 14.9% of staff are from an ethnic minority background, up from 13.2% the previous year. Additionally, 73% of Kensington Palace staff are female, while 27% are male.
