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27 Jun 2007
Accountants for Prince Charles have written off £7.2m or 48% of his income earned from his Duchy of Cornwall estate, against tax.
This meant the actual amount of tax he paid as a proportion of his gross income fell to 22.6% effectively making the prince a basic rate taxpayer
According to ThisisLondon.com, the heir to the throne earned more last year than ever before and spent more on staff, travel and entertaining. Yet he still received a substantial pay rise from the taxpayer.
Charles saw his personal income from the Duchy of Cornwall soar to a record £15.1m - up by £1.1m on the previous year and boosted by more than £2m in government grants, a 28% rise.
Further reading:
Enter our Green Accountancy Survey to win £50 of wine
Prince of Wales made ICAEW honorary member
MPs seek access to Prince Charles's accounts
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