The Prince of Wales is one of the UK's biggest taxpayers, according to a new report by the Sunday Times. Prince William, 43, pays up to £7 million in income tax annually, placing him in the top 0.002 per cent of British taxpayers.
Most of William's income comes from the Duchy of Cornwall, a land estate valued at over £1 billion, from which he receives £20 million or more each year. The Duchy has been inherited by every heir to the English, then British, crown since the 14th century.
It is understood the prince pays the highest marginal rate of tax, 45 per cent, on his personal earnings. However, he has no legal obligation to do so due to an agreement between the Treasury and the late Queen Elizabeth II in 2013.
The Duchy of Cornwall comprises around 3,000 properties across 23 counties in England and Wales, covering approximately 130,000 to 140,000 acres. It includes cottages, shops, commercial buildings and coastal rights.
The Sunday Times reports that William can deduct official expenditure from the Duchy income before calculating his tax bill. Which expenses he files as tax deductions has not been made public.
