Prince William is paying an income tax bill of up to £7 million a year, placing the future king among the top 0.002 per cent of taxpayers in the UK, a new report has revealed.
Tax Contributions and Income Sources
The Prince of Wales has historically declined to disclose his tax contributions, though he is understood to pay the top rate of 45 percent. The majority of William's income derives from the Duchy of Cornwall, a private estate valued at approximately £1.1 billion, which generates over £20 million annually.
Questions surrounding transparency on tax have intensified after the Sunday Times disclosed that the Cornwall estate, along with the Duchy of Lancaster, has earned millions by charging public bodies—including the NHS, the armed forces, and schools—for land use.
Comparison with King Charles III
King Charles III previously revealed that he voluntarily paid £5.9 million in income tax on Duchy earnings in his final year as heir (2021-2022). However, since then, neither he nor William has made their tax arrangements public. William is believed to follow a similar approach to his father, paying the highest tax rate of 45 percent, according to The Times.
In the 2023-24 financial year—the first full year William oversaw the Duchy of Cornwall—he received £23.6 million. Approximately £13.5 million of this sum is thought to be taxable, placing William’s total income tax bill in the range of £5 million to £7 million.
The Daily Mail has approached Kensington Palace for comment.
Historical Context and Legal Exemptions
Under a 2013 agreement between the late Queen Elizabeth II and the Treasury, the monarch is not legally obligated to pay income tax, capital gains tax, or inheritance tax. Similarly, William is not legally required to pay income tax on money received from the Duchy. The Duchy was established in 1337 by King Edward III to provide an income stream for his son, Prince Edward.
