The after-tax income of the Prince of Wales has continued to rise despite his decision two years ago to pay income tax. His total income from the Duchy of Cornwall rose 9 per cent last year to pounds 4.5m, of which he is estimated to receive pounds 1.5m after tax, compared with pounds 1m in the previous year.
The 1994 accounts of the Duchy of Cornwall were published yesterday.
The gross income from the Duchy, a holding of 130,000 acres of land and property, has risen from pounds 2.9m four years ago, an increase of 55 per cent.
The Labour MP Alan Williams (Swansea West) said that the same period saw price inflation of 12 per cent and a rise on public sector pay of 16 per cent.
In 1993, the Queen and Prince Charles agreed to pay tax on their tax- exempt income, but this has made little difference to the Prince's net position. Before that he had voluntarily paid 25 per cent of the income from the Duchy (reduced from 50 per cent when he married). He began to pay tax, at the 40 per cent top rate, last year, but was able to deduct from his income about pounds 2m of office costs. According to Jonathan Dimbleby's biography, the Prince also has private assets of about pounds 2m in stocks and shares, which could easily produce an annual income of a further pounds 100,000.
A spokeswoman for the Prince said that his income "supports the Princess of Wales and the boys as well, as none of them are supported by the Civil List".
Paul Tyler, Liberal Democrat MP for North Cornwall, demanded that the tax paid by the Prince should be invested locally.Reuse content