Prince William ‘pays up to £7 million in income tax a year’ on duchy income

Believe it or not, when King Charles was the Prince of Wales, he was much more transparent about the Duchy of Cornwall, the duchy’s income and the taxes he paid “voluntarily.” When Prince William became PoW in 2022 and took over the duchy, William refused to say anything other than “of course we pay taxes on duchy income,” without ever specifying the number or what income he gets exactly. William is a secret squirrel in all things, which is why many are mystified by how and why he seems to be liquidating duchy real estate as well. This weekend, the Times got a big exclusive on the amount William pays in taxes. This exclusive raises more questions than it answers.

Prince William pays up to £7 million in income tax a year, it can be revealed. The figure puts the heir to the throne in the top 0.002 per cent of taxpayers in the UK.

For years, William has resisted calls to reveal his tax bill, quoting the rights shared by any private citizen. The majority of his income comes from the more than £20 million a year he receives from the Duchy of Cornwall, a private estate of land worth about £1.1 billion bestowed on every heir to the throne since the 14th century.

However, he has been under increased pressure over transparency on tax after a Sunday Times investigation which revealed that the Duchy of Cornwall and the Duchy of Lancaster, which is awarded to the monarch, make millions by charging the army, navy, NHS and schools to use their land, rivers and seashores. Some of the leases have since been renegotiated.

Under an agreement between Queen Elizabeth II and the Treasury in 2013, the monarch is not legally liable to pay income tax, capital gains tax or inheritance tax. The Prince of Wales is also not legally liable to pay income tax on money received from the duchy.

Both, though, have always paid income and capital gains tax voluntarily. The Prince of Wales is allowed to deduct official expenditure from his duchy income before calculating his tax bill.

Queen Elizabeth II never declared her tax bill. When King Charles was Prince of Wales he voluntarily declared an income tax payment of £5.9 million in relation to the £23 million that he received from the duchy in the 2021-22 financial year. This suggests that Charles deducted expenses of around £10 million, according to calculations confirmed by accountants and tax experts.

Neither Charles nor William have declared their tax since then. It is understood that William has always paid the highest rate of tax — 45 per cent — and treats his tax affairs in a similar manner to his father.

In 2023-24, the first financial year in which he oversaw the Duchy of Cornwall, William received a record surplus of £23.6 million. About £13.5 million of this is thought to be taxable, with William’s total income tax bill in the region of £5 million to £7 million. A Kensington Palace spokesperson said: “The Prince of Wales pays the top rate of income and capital gains tax on all his personal income, including receipts from the Duchy.’’

It is not known what kind of expenses William files as tax deductions from his duchy income. Charles was previously criticised by the House of Commons public accounts committee for making deductions to cover the costs for “security guards, grooming and travel” for Camilla before the announcement of their engagement.

[From The Times]

I have no idea if this information is coming from William’s office and, if it is, why he thought this would be a better solution than simply announcing his tax situation openly and describing his work deductions. He probably doesn’t do that because that would ALSO raise more questions, like what the hell is he doing with the excess income, why is he liquidating duchy assets, what is he declaring as a business expense (wiglets, helicopters), etc. Anyway, I don’t even believe that William is paying this much in taxes. But I am curious about why this story came out right now.

Prince William pays up to £7 million in income tax a year, it can be revealed. The figure puts the heir to the throne in the top 0.002 per cent of taxpayers in the UK. pic.twitter.com/Fq0N2JJjQx

— The Times and Sunday Times (@thetimes) May 3, 2026

Photos courtesy of Avalon Red, Cover Images.