The Duke of Cornwall Reveals His Tax Payments for the First Time. The Duke of Cornwall has announced he will pay up to 8 million euros in taxes this year. This marks the first time a member of the British royal family has publicly disclosed such information. The decision comes amid increasing demands for transparency regarding monarchy income.
The British heir to the throne has, for the first time, disclosed the exact amount he pays to the state: according to The Times, the Duke of Cornwall will transfer between 5 and 7 million pounds sterling to the budget in 2024, equivalent to approximately 8 million euros. Previously, members of the British royal family had not revealed such information, even though they were not required to pay taxes on income, capital gains, or inheritance — these terms are established by a 2013 agreement between the Crown and the Treasury.
The public statement was a response to growing pressure over the transparency of monarchy finances. As The Times notes, scrutiny of the Windsor family's income and taxes has increased in recent years following investigations by Sunday Times and the Dispatches program on Channel 5. Journalists discovered that the Duchies of Cornwall and Lancaster, belonging to the heir and the monarch, receive millions of pounds by leasing land and water areas to government entities, including the army, NHS, and schools.
Income and tax base
The main part of the Duke's income comes from the Duchy of Cornwall, a private estate worth about £1.1 billion, which generates over £20 million annually. In the 2023–2024 financial year, the first after Charles III ascended the throne, the Duchy's assets produced a record surplus of £23.6 million. Of this sum, £13.5 million formed the taxable base: it is from this portion, after the deduction of official expenses, that the heir’s tax liability is calculated.
According to a Kensington Palace spokesperson, the Duke pays the maximum rate of income and capital gains tax on all personal earnings, including profits from the duchy. Previously, Queen Elizabeth II did not disclose her tax obligations; however, Charles III, when he was Prince of Wales, voluntarily reported paying £5.9 million in taxes on £23 million of income for 2021–2022.
Pressure on the monarchy
The issue of transparency in the monarchy’s spending and taxes has become particularly pressing following reports that the duchies charge government bodies for the use of land and waterways. Parliament has previously highlighted that some expenses declared as official included costs for security, personal care, and travel by family members, including Queen Camilla before her official status.
The current system of funding the monarchy has been in place since the 1990s, when, after the Windsor Castle fire, the Queen agreed to pay taxes on income from the Duchy of Lancaster. Even after that, family members were able to opt out of paying but chose to do so voluntarily. The exact expenses the Duke of Cornwall claimed as deductions this year have yet to be disclosed, leaving some information unavailable.
Reference: Duchies and their role
The Duchy of Cornwall is one of the largest private land estates in the United Kingdom, comprising farmland, commercial property, and coastal areas. Together, the Duchies of Cornwall and Lancaster control around 5,500 properties across the country. Historically, these assets are intended to provide financial independence for the heir and the monarch.
