Prince William has opted to disclose less information about his finances as the Prince of Wales compared to his father, Prince Charles. The end-of-year accounts for the Duchy of Cornwall, an estate William inherited as heir to the throne, reveal that he has not disclosed the amount of tax he pays on his earnings, told The Telegraph.
In the last full year of Prince Charles as Prince of Wales, the accounts showed that he voluntarily paid £5.9 million in income tax. Although Prince William, now the 25th Duke of Cornwall, continues to pay income tax similarly, his office has decided not to reveal the specific amount since it is not mandatory.
The Duchy of Cornwall’s Annual Report, released on Wednesday, shows that the surplus available to William, Kate, and their family was £23.6 million, a slight reduction from the previous year due to property management issues. This surplus funds the official, charitable, and private lives of the Prince and Princess of Wales and their household.
Taxes are paid at standard UK rates after official costs are deducted from the surplus. Senior royal sources suggest that the amount of income tax William pays is higher than his father’s, but Kensington Palace has declined to specify the exact tax amount for 2023/24 or the remaining surplus on which tax was owed.
This lack of transparency contrasts with the financial report from 2021/22, the last full year Prince Charles managed the Duchy of Cornwall funds.
The Duchy of Cornwall, established in 1337 by Prince Edward III, was designed to provide an income for the Prince of Wales and subsequent heirs to the throne independent of the Sovereign. Currently, William and Kate employ fewer staff than Charles and Camilla did, with 66 employees compared to around 100. Of William and Kate’s staff, 67% are female, and 33% are male. Although there is no specific target for diversity, 14% of their employees are from minority backgrounds. However, the senior management team around William and Kate comprises all white men.
A search for a new CEO for William and Kate has been paused following a year in which the Princess had to step back from public duties due to a cancer diagnosis.
Meanwhile, Alastair Martin, Secretary and Keeper of the Records at the Duchy of Cornwall, will be leaving his post to join King Charles as Chief Executive and Clerk of the Council of the Duchy of Lancaster. Reflecting on his experience working with both Dukes of Cornwall, Martin noted that while sustainability is a shared passion, there are differences in their communication styles. William prefers WhatsApp for quick communication, often sending multiple messages over weekends.
Martin’s successor will be Will Bax, the former Chief Executive of the Retirement Villages Group.