News

Prince William breaks King Charles’ 30-year tradition by not revealing what he paid in taxes

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.

Prince William has refused to reveal what he paid in taxes for the 2023-2024 financial yearPOOL/AFP via Getty Images

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.

The Prince of Wales, 42, inherited the Duchy of Cornwall estate worth over $1 billion when his father assumed the throne in Sept. 2022.POOL/AFP via Getty Images

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.

King Charles voluntarily disclosed how much tax he paid each year since 1993.REUTERS

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.

As the heir to the throne, William, his wife, Kate Middleton, and their three 𝘤𝘩𝘪𝘭𝘥ren benefit from the tax-exempt Duchy of Cornwall.Getty Images

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.

Related Posts

Elon Musk criticized for comment ‘will give Taylor Swift a 𝘤𝘩𝘪𝘭𝘥’

Many people expressed outrage, criticizing billionaire Elon Musk for ‘disrespecting women’ when he mocked Taylor Swift on X. On September 11, singer Taylor Swift announced her support for…

Billionaire Elon Musk’s mother knew her son was a prodigy thanks to a sign…

Mrs. Maye Musk – mother of the world’s richest billionaire Elon Musk – said that since her son was 3 years old, she knew that he was a…

Mark Zuckerberg vs Elon Musk in a cage fight. Who has the winning chances?

On June 21 (Wednesday), the “Chief Twit” of Twitter Elon Musk took to his social media platform to ask fellow billionaire Mark Zuckerberg if he’s up for a…

Top 10 richest people in the world in 2024—Musk or Arnault? Check who’s on top

Forbes’ 10 richest billionaires in the world, as of July 2024: Bill Gates, who held the position for nearly three decades, has fallen to eight, replacing Mukesh Ambani…

Revealing the huge amount of money raised when the historic match between two technology billionaires Mark Zuckerberg and Elon Musk took place

With a viewing fee of 100 USD, the match between Mark Zuckerberg and Elon Musk is expected to bring in record revenue. On the night of August 6,…

For the first time in history, Mark Zuckerberg could surpass Elon Musk and Jeff Bezos to become the world’s richest billionaire by 2024.

The world owes Mark Zuckerberg an apology as the Facebook boss’s fortune has increased fivefold since the 2021-2022 criticism period and he is likely to become the richest…

Leave a Reply

Your email address will not be published. Required fields are marked *