Prince William has made a notable change to his income stream from the Duchy of Cornwall amid criticism over the royal family’s financial arrangements. Last year, Channel 4’s Dispatches, in collaboration with The Sunday Times, aired an investigative episode titled ‘The King, the Prince and Their Secret Millions’, which explored the private funding mechanisms of King Charles and Prince William.
The investigation revealed that the private estates of both royals generate millions annually through fees charged to public bodies such as charities, the NHS, schools, the armed forces, and local authorities for access to land, rivers, and seashores. These charges have been levied despite the estates being privately owned and operating alongside public state funding.
In response, representatives for King Charles’ Duchy of Lancaster maintained that their operations adhered to all relevant UK laws and regulatory standards. However, the Duchy of Cornwall, which provides Prince William’s private income, has now introduced a new policy aimed at alleviating some financial pressures on community groups.
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The Duchy has decided to waive rents for grassroots community tenants and offer up to 50 percent rental discounts for charity tenants who rent space directly from the estate and are active within their communities. This shift reflects a period of reflection and a commitment to strengthening the estate’s positive community impact under Prince William’s leadership as the 25th Duke of Cornwall.
Will Bax, the Duchy’s Keeper of the Records, emphasized that this transition marks a moment to build on strong foundations and ensure the Duchy remains a force for good. Among those benefiting from the new policy will be organizations like the Royal National Lifeboat Institution, Devon County Council, local children’s play areas, and the Scouts, who will see rents for land use reduced or eliminated.
Meanwhile, the Duchy of Lancaster has confirmed it will “actively review” its own policies in light of these developments. Both Duchies enjoy Crown exemption from corporation tax, capital gains tax, and inheritance tax, although both King Charles and Prince William voluntarily pay income tax at the highest rate on their earnings.
Since King Charles ascended the throne in 2022, Prince William has taken on the responsibilities associated with the Duchy of Cornwall, including oversight of properties like Highgrove House and Garden—a cherished residence currently leased by the Prince’s Foundation, as William’s family continues to live at Adelaide Cottage. William reportedly receives approximately £700,000 annually in rent from his father for these arrangements.
This financial U-turn demonstrates a clear willingness by Prince William and the Duchy of Cornwall to respond to community concerns and adjust their practices to benefit the public good.