The Prince of Wales has been named one of Britain's top taxpayers in a new report, with an annual income tax bill of up to £7 million. According to The Sunday Times, this places Prince William in the top 0.002 per cent of UK taxpayers.
The majority of William's income comes from the Duchy of Cornwall, a private land estate worth approximately £1.1 billion, from which he receives over £20 million a year. The Duchy has been inherited by every heir to the throne since the 14th century.
Under a 2013 agreement between the late Queen Elizabeth and the Treasury, the monarch is not legally liable to pay income tax, capital gains tax or inheritance tax. The Prince of Wales is also not legally required to pay tax on Duchy income, but both royals have voluntarily paid income and capital gains tax.
William is allowed to deduct official expenditure from his Duchy income before calculating his tax bill, though the specific expenses claimed have not been publicly disclosed. This marks a shift from Queen Elizabeth II, who never disclosed her tax bill.
William is following his father's lead: King Charles voluntarily declared an income tax payment of £5.9 million on £23 million from the Duchy in 2021-22, when he was Prince of Wales.
The Prince and Princess of Wales live at Forest Lodge on the Windsor Home Park estate, owned by the Crown Estate. They pay market rent, though the amount is not public. The eight-bedroom Georgian mansion underwent £1.5 million restoration in 2001 and was listed for rent at £15,000 a month.
