Prince William's decision not to share his tax contribution marks a notable shift from the approach of the King, who published a full cost breakdown. Photo / Getty Images
Prince William's decision not to share his tax contribution marks a notable shift from the approach of the King, who published a full cost breakdown. Photo / Getty Images
Prince William’s Duchy of Cornwall estate, the billion-pound business empire he inherited on the death of his grandmother, Elizabeth II, generated profits of £23.6 million ($51.3m) in the last financial year.
He is understood to pay income tax on the full amount, less household costs, which have also not been disclosed.
Prince William, the Duke of Cornwall is shown plans of the site of a Duchy of Cornwall housing project. Photo / Getty Images
The surplus is used to fund the private lives of the Prince and Princess of Wales and their children as well as their official and charitable work. When the King was Prince of Wales, he published a full breakdown of household costs and the amount of tax he paid annually, which for the year ending 2021 was just over £5m ($10.8m) and the year ending 2022, £5.89m ($12.8m).
The King’s annual review would detail his broad income and expenditure of the duchy money, plus details of the number of valets, housekeepers, dressers, chefs, butlers and gardeners he employed, as well as his tax bill.
Kensington Palace insisted that the Prince was paying the “appropriate” level of income tax, which the Telegraph understands to be more than his father paid due to the higher income generated.
Asked why the Prince was being less transparent, sources said this was how they had opted to do it for now and that it reflected “what was required”.
Ian Patrick, his new private secretary, outlined the Prince and Princess’ work over the past 12 months and their ambitions for the future, which include taking on notably fewer patronages than their predecessors.
“The approach they take to their charitable endeavours is an evolution of how members of the royal family have worked in the past,” Patrick said.
“Their Royal Highnesses wish to focus their time on a smaller number of courses that align with their values, and allows them to build deeper relationships with organisations, engage in a constructive way and deepen their knowledge of the issues that these organisations champion.”
As such, it was revealed that following a Buckingham Palace review of patronages, in which the King took on around 300 new charity affiliations, the Prince has taken on three, with more due to be announced in the autumn.
William is understood to pay income tax on the full amount, less household costs. Photo / Getty Images
He has become patron of the Welsh Guards Charity and the Royal Cornwall Agricultural Association and has also been named president of the Victoria Cross and George Cross Association.
Patrick said that in addition to their charity work, the Prince and Princess “regularly undertake private philanthropy”, outlining some of the causes they have supported over the past 12 months, which included the London Air Ambulance appeal for two new helicopters, their Shout text service for young people and James’ Place, a charity that supports suicidal men, as well as several disaster relief appeals.
Alastair Martin, who as secretary and keeper of the records has managed the Duchy of Cornwall for more than a decade, described the difference in approach between father and son.
The day after Elizabeth II died, Martin called his new boss, who had inherited the estate overnight.
“Welcome to your duchy, Sir,” he told the new heir to the throne.
Since then, the Prince has gradually introduced changes to the way the duchy is run, reflecting his own personal interests and approach. Among them is a “purposefully ambitious” aim to get the duchy to net zero by 2032.
On receiving that first phone call from Martin, the Prince immediately gave him his personal mobile phone number.
“If you want me, just get me, just message me,” he said.
A conversation for #MentalHealthAwarenessWeek showing just how important the Duchy of Cornwall's Mental Health Strategy is. Featuring Duchy tenant Sam Stables and Farmer Will Young.
— The Prince and Princess of Wales (@KensingtonRoyal) May 17, 2024
Martin has since found that the Prince was true to his word, not only making himself available for queries and updates seven days a week but responding with vigour.
“That’s how he works and he is very involved,” Mr Martin revealed.
“There will be weekends when my WhatsApp messages will be in double figures and I will be very responsive. If something has gone well or badly, I will want to tell my boss and he’ll be straight back.”
