The report and accounts also disclose that Charles paid £3.3m in income tax
on income over £14m – up 6% on 2004/05 following a series of rent rises and
better returns on investment.
Though his income rose by £800,000, Charles’ tax bill only rose by £30,000
however. Reports suggested an increase in expenses was the reason for the
PwC partner Rodger Hughes made it clear in his audit statement that his
report – including the opinion that the financial statements do indeed give ‘a
true and fair view’– were ‘prepared for and only for the Duke of Cornwall’ under
legislation covering the Duchy ‘and for no other purpose’.
The separate disclosure of income from the Duchy and the tax paid on it took
transparency a stage further from 2004/05, when a combined figure was released.
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