After initially resisting, Prince William has revealed his tax bill since he became heir to the throne – but one royal expert says it doesn’t go far enough
Prince William has revealed his tax bill(Image: WireImage)
Prince William needs to “read the room” when it comes to being more open about his finances, according to a royal expert.
The Prince of Wales initially resisted releasing information about his own tax payments when he became heir to the throne and took on the Duchy of Cornwall. However, when figures on royal finances were released for this year, it revealed how much he had paid in tax for the first time ever – and that he had assets of over £1.2billion.
William receives an income from the Duchy of Cornwall, a billion-pound hereditary estate featuring The Oval cricket ground and providing the heir to the throne with funds, independent of the monarch.
He pays tax voluntarily on this income, £21.6million from the duchy during 2025-26, which is not used to meet official expenditure. During the 2024-25 financial year, his tax bill was £7.76 million in income and capital gains tax and was £8.34m in 2023-24.
But according to royal expert Jennie Bond, the prince should go further when it comes to being transparent about money. The former BBC royal correspondent told the Mirror: “I think it was a bit of an own goal by William not to have followed his father’s example about revealing his tax bill until now.
“Charles made his public when he was Prince of Wales, so it now looks as if William has been forced to do so. That’s a shame. And, despite the Palace saying that this was all about clarity, context and transparency, it turns out that we have only part of the story. The tax paid by the King and the Prince is rather meaningless when we don’t know the full picture: the total income, the expenses claimed, the dividends paid etc.
“I know William is a fiercely private man, but he does need to read the room and be more open about his finances. His Duchy is professionally run, the books are officially audited – so there should be nothing to hide. He would do himself a favour to be frank about it.
“The royal family is super rich. That’s a fact, and the financial report issued by the Palace confirms it. Quite rightly, I think questions are being asked about why the core element of the Sovereign Grant is to be virtually doubled within a period of three years – it doesn’t look great when the majority of people are struggling with the high cost of living.”
As well as royal finances being made public, it has also been revealed that William will no longer personally benefit from the controversial £1.5m annual rent generated by the abandoned Dartmoor Prison, he has decided. William has asked for the sum to be removed from the multimillion-pound income he receives as heir to the throne from the Duchy of Cornwall from 2026-27 onwards, with the money spent on regenerating the local community instead.
A Dispatches and Sunday Times investigation in 2024 discovered the duchy signed a £37m deal in 2022, before Charles became King and William the Prince of Wales, to lease Dartmoor Prison to the Ministry of Justice, paying £1.5m-a-year over 25 years, and a deal with the Ministry of Defence to allow the armed forces to train on Dartmoor land.
The category C prison in Devon has been empty since July 2024 after high levels of radon, a toxic gas that occurs naturally in soil and rocks and can cause lung cancer, were recorded in prisoners’ accommodation. A community-led regeneration fund will be launched next year to offer social, economic and environmental benefits to Princetown, the isolated rural community next to the prison.
Jennie added: “William’s income for both official and private use is from the Duchy of Cornwall, which is separate, vast – and profitable. He’s a wealthy man. But that doesn’t mean that his efforts to improve the lives of others are not sincere.
“He is already putting his money where his mouth is by selling off 20 per cent of the Duchy to fund community and environmental projects. And that’s quite a radical move. His decision to divert the rent paid for the derelict Dartmoor Prison to the local community and town is a good one – even though it would have been better if he’d done it before all the bad publicity about it.
“He could have just given the money back to the Treasury, but in this way, he is helping people who live on his land, and he can measure the impact of his decision. And, as we all know, impact is a big word in William’s vocabulary.”
It all comes as it has also been revealed that the King will never live at Buckingham Palace – despite a £369m taxpayer-funded refurbishment. The famous building will remain the operational centre of “monarchy HQ” but Charles has decided for his reign, it will not be his official residence, and nearby Clarence House will remain his London home.
There has been speculation that William, who has recently moved his family to Forest Lodge in Windsor, will not live at Buckingham Palace either when he is King. And Jennie said: “I have long said that the royal family has far too many properties, and that does sit awkwardly when the Prince is spearheading a campaign to end homelessness.
“I know there are always security issues when properties are near occupied royal residences, but there surely must be a way of renting out – or losing – these empty or rarely used places?”
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