Prince William keeps his tax bill private as royal finances revealed

The Prince of Wales has broken with his father’s tradition and has chosen to keep tax information from the Duchy of Cornwall private. 

Each summer, Buckingham Palace publishes the Sovereign Grant Report, a document that breaks down how much money was spent to support the Sovereign in their official work and to maintain cccupied royal palaces. 

The amount spent can vary widely from year to year depending on what events have happened. The Sovereign Grant Report released this week covers the Coronation in May 2023, as well as The King and Queen’s State Visit to Kenya, resulting in higher expenditure than normal. 

When he was Prince of Wales, Charles would publish a full breakdown of both his household costs (including supporting family members) and the amount he paid in taxes. 

Prince William has declined to share his own household’s spending and taxes paid and is instead keeping them private. 

The Prince of Wales earns money from the Duchy of Cornwall and then pays taxes on any profits after deducting any official expenditures for his family members. The Duchy has reportedly generated a surplus of £23.6 million for the 2023-2024 year, but it is unclear how much income tax was paid.