03/05/2026
Did you know? ... HRH William, The Prince of Wales is legally NOT required to pay income tax. DON'T STOP HERE! Keep reading ...
However, HRH has ALWAYS paid income and capital gains tax voluntarily (As has HM The King!) and he does so at the highest rate. The Sunday Times has reported HRH is one of Britain's largest taxpayers and is said to pay up to £7 million in income tax a year ~ approximately $9.5 million US.
HRH does NOT receive an income from The Sovereign Grant which is the amount of money provided by Government to the Royal Household in support of The Sovereign's official duties, including the maintenance of the Occupied Royal Palaces: Buckingham Palace, St James’s Palace, Clarence House, Marlborough House Mews, the residential and office areas of Kensington Palace, Windsor Castle and the buildings in the Home and Great Parks at Windsor, and Hampton Court Mews and Paddocks.
He instead receives his income from the Duchy of Cornwall, a private land estate worth approximately £1.1 billion, inherited by every heir to the throne since the 14th century. The Prince of Wales receives the annual net surplus of the Duchy of Cornwall and uses a large proportion of the funds to meet the cost of his public and charitable work. From this income he also pays the wages of his wife and in the distant future that income will also pay the wages of his children who may work on behalf of The Crown as well as, if they are married, their spouses.
The Duchy of Cornwall is inherited by The Prince of Wales automatically on the day his parent accedes to the throne. For King Charles that was in February 1952 and for the currently Prince of Wales, Prince William, that was in September 2022.
In time, the Duchy of Cornwall will automatically pass down to HRH Prince George of Wales upon Prince William's accession to the throne and, once again, it will automatically pass down to Prince George's eldest child and heir upon Prince George's accession to the throne and so on and so forth.
It should also be noted ~ The requirement for the monarch to pay income tax evolved through several reigns before being entirely abolished for a time in the 1930s.
Queen Victoria voluntarily paid income tax as far back as 1842 and the voluntary paying of income tax continued through the reigns of Edward VII and George V. Government granted a tax exemption to King George VI on the grounds that The Sovereign "naturally" should not pay tax and the exemption remained in effect until 1993 when, following a devastating fire at Windsor Castle Queen Elizabeth II voluntarily began paying taxes. By then the now Charles III had already been paying taxes voluntarily for decades.
Since 2001 the monarchy has published their annual accounts making the royal finances more transparent.
Read more: https://www.royal.uk/royal-finances-0
Shared from History & Lives of the British Royals
https://www.facebook.com/History-Lives-of-the-British-Royals-122845112442353/