The Prince pays Income Tax voluntarily on the surplus of the Duchy of Cornwall, after official expenditure has been deducted at the highest rate, which was 45 per cent in 2016-17, resulting in a total of £4.8million (including an element of VAT).

The Duchy is not a company and is not therefore liable to pay corporation tax and The Prince is not entitled to receive any capital gains from the Duchy, and therefore does not pay Capital Gains Tax on capital gains from the Duchy. The Prince does pay Capital Gains Tax on any other capital gains he may receive from any other sources.