Prince William has refused to reveal what he paid in taxes for the 2023-2024 financial year — breaking his father King Charles’ tradition which spanned more than 30 years.
The Prince of Wales, 42, inherited the Duchy of Cornwall estate worth over $1 billion when his father assumed the throne in Sept. 2022.
In addition to the tax-exempt estate, the father of three was given the Duke of Cornwall title.
But William took a different approach from his father when it came to disclosing finances to the general public, as the prince declined to disclose how much he paid in taxes in his first full year as next in line to the throne.
It’s understood that William paid a standard UK tax rate unspecified household expenses were deducted from the bill.
However, he did not publicize the amount.
This is a stark contrast to his father, who voluntarily began disclosing how much tax he paid each year since 1993, Hello! reported.
Before handing over the estate’s reins to William, Charles shared that he paid more than $6.4 million in taxes from the Duchy of Cornwall for the year ending in 2021 and $7.5 million the following fiscal year, The Telegraph reported.
As the heir to the throne, William, his wife, Kate Middleton, and their three children benefit from the tax-exempt Duchy of Cornwall — a private estate that funds his public, charitable and private activities.
As the state falls under the Crown exemption, William is not required to disclose the amount he has chosen to pay and is not legally liable to pay income or corporation tax.
The estate is valued at more than $1 billion and was established in 1337 by King Edward III to provide funds for the heir to the throne for generations to come.
It covers roughly 205 square miles of land across the UK, which includes over 20 counties, and is comprised of “arable and livestock farms, residential and commercial properties, as well as forests, rivers, quarries, and coastline,” the 2023 report notes.
It’s about twice the size of Queens, the largest of New York City’s five boroughs.
William’s eye-popping annual salary was also revealed in the Integrated Annual Report, published Wednesday.
The prince received $30 million from the estate during the 2023-2024 financial year.
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