Prince William joins King Charles in publishing tax payments

Last year, Prince William made a profit of £22.5million based on income from his land.

Now, for the first time, he has revealed how much personal income tax he has paid: £7.76million, down from the £8.34million he paid to HMRC the previous year. In total, he has paid £16.1million over the past two years.

Kensington Palace is keen to highlight that the Duke of Cornwall uses the income he receives from the Duchy to fund the official and private activities of the Household of the Prince and Princess of Wales, and that the income tax he voluntarily pays is at the highest rate.

The Palace’s determination to stress the positives comes amid criticism of the prince’s decision to lease land to public bodies.

Up until now, William had been charging the Ministry of Justice £1.5million per year to lease the land on which Dartmoor Prison sits.

However, the prison has been closed for two years. In response to the criticism, the prince has personally decided to direct the money to the local community surrounding the prison and the wider Dartmoor area, which has been affected by its closure.

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Will Bax, Secretary and Keeper of the Records at the Duchy of Cornwall, stressed the prince’s commitment to transparency over his finances and fairness towards those who work or live on Duchy land.

He said: “Over the past year, we have created space for reflection, listening and discussion with partners, colleagues, tenants and those who challenge us.

“Through these conversations, a clear theme emerged: the Duchy has an opportunity to make bold decisions and use its assets, capital and influence more deliberately to support positive social and environmental outcomes.

“We see growing pressures on multiple fronts – from the need for good homes and stronger local economies to restoring nature and responding faster to climate change.

“In response, we are willing to take bold decisions to transform our communities and to do more, to go further and to make a meaningful difference, for generations to come.

“Our purpose is clear: to deliver resilient, vibrant and prosperous communities and ecosystems, now and into the future.

“By using our resources thoughtfully and responsibly, we can help drive positive change while securing a sustainable financial future.”

Despite the bold promises, it’s emerged that William plans to sell off 20 per cent of the Duchy of Cornwall Estate.

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That would generate around £500million in capital to reinvest in other high-impact schemes.

Even senior royals have to cut their cloth according to the reality of rapidly rising costs.

Of course, they do not have to make the day-to-day sacrifices that the rest of us do.