Prince William is in hot water with some U.K. anti-royal groups due to his earnings from the Duchy of Cornwall as, the groups note, the Prince of Wales has not published an annual income report for the past year despite earning over £6 million in private income.
Graham Smith, chief executive of anti-monarchist group Republic, said this week that “William has some explaining to do because a change of monarch and heir is no excuse to row back on what little transparency there is. There is absolutely no reason why William’s household cannot provide a full set of accounts for this financial year. As the recipient of public funds from the state-owned Duchy he should be reporting his income and expenditure.”
Duchy Of Cornwall Meant To Financially Support Heir To The Throne
So, what is the Duchy of Cornwall? The Duchy is one of two duchies (dukedoms where royalty are charged with the commercial management of the land) in England, the other being the Duchy of Lancaster. Generally, the eldest son of the reigning British monarch obtains possession of the Duchy of Cornwall though being made Duke of Cornwall at birth or when his parent succeeds to the throne. The now-King Charles was Duke of Cornwall for most of his life before becoming monarch in 2022; since then, Prince William was made the Duke. Income from the Duchy has traditionally functioned as a "salary" for the heir apparent.
The Duke of Cornwall may not sell assets from the Duchy for personal benefit, and as the Duchy is considered a crown body by the government, it is exempt from paying corporate taxes—a sticking point for many looking to challenge the monarchy's right to the land. From 1993 to his accession to the throne last year, then-Prince Charles voluntarily paid income tax on the surplus of the Duchy of Cornwall, after official expenditure had been deducted at the highest rate. However, it seems Prince William may have chosen to take another path with his Duchy income.
Prince William Criticized For Not Disclosing Annual Duchy Of Cornwall Income
For the 2022-23 fiscal year, the Duchy of Cornwall hit an all-time high level of earnings to the tune of over £24 million, a significant increase from 2021-22's income of £23 million. This news comes just after reports hit on Thursday that the British crown lost around £500 million on its London property portfolio after a crash in property values.
Critics noting that William has not reported his personal income nor made a voluntary income tax payment pledge like his father before him feel that the lack of disclosure is inexcusable. "As Duchy profits appear to be growing to a record £24 million it’s time we demanded the return of the Duchies (of Cornwall and Lancaster) to the people and for revenue to be spent on local communities," said Graham Smith in further comment on the situation.
William takes an income of £22m+ from the Duchy of Cornwall, a state asset. The Duchy avoids paying taxes, as does his dad. The royals spend hundreds of millions a year on themselves. Until they sort that out this kind of thing is hypocritical nonsense.https://t.co/fV5pAUnaX3
— Republic (@RepublicStaff) June 26, 2023
For their part, Kensington Palace has responded by stating that planning for the Duchy is currently underway, with aims to support charitable institutions like The Royal Foundation with the proceeds. "Their royal highnesses have been working through with their Duchy and household team their plans and priorities for the Duchy and the household in the years to come, and how these support their work and charitable priorities, such as The Royal Foundation and its programs. And it's why the household is not publishing a partial annual report," said a Kensington Palace spokesperson.
It's worth noting that King Charles himself released his household's financial review to the public on Thursday, despite William's choice not to.
