Duchy of Cornwall hands Prince William £21.5 million annual income
Key Points
- Duchy of Cornwall net surplus of £21.55 million for 2025-26
- Provides annual income of Prince William, Duke of Cornwall
- Duchy net assets reported at £1.2 billion
- Estate spans 51,861 hectares across 19 counties
- Prince pays voluntary income tax on Duchy income
The Duchy of Cornwall recorded a net distributable surplus of £21.55 million for the financial year ended 31 March 2026, providing the income of Prince William, the Duke of Cornwall, according to the Royal Household’s Report on Royal Finances published on Thursday (25 June).
The Duchy reported net assets of £1.2 billion for the year, primarily constituted of investment property.
Prince William became the 25th Duke of Cornwall when his father, King Charles III, acceded to the throne in 2022.
The Duke is entitled to the Duchy’s annual net revenue surplus, but proceeds from the sale of capital assets must be retained and reinvested within the estate.
The estate encompasses more than 51,861 hectares across 19 counties in England and Wales, including arable and livestock farms, residential and commercial properties, forests, rivers, quarries and coastline.
The Duchy employs more than 200 people across eight offices in London, Bath, Dartmoor, Hereford, Poundbury, Nansledan, Restormel and the Isles of Scilly, and runs the harbour on St Mary’s in the Isles of Scilly.
Its own businesses include the Duchy of Cornwall Nursery and Duchy Holiday Cottages.
The income funds the official duties of the Prince and Princess of Wales, who are funded by the Duchy of Cornwall rather than the Sovereign Grant or the Duchy of Lancaster.
The Duchy was created in 1337 by Edward III for his son and heir, Prince Edward, under the Great Charter, with additional land granted through later Charters.
The Prince of Wales voluntarily pays income tax on his Duchy income, to the extent that it is not used to meet official expenditure.
Because the Duchy is treated as a Crown asset, the arrangement is not statutory and is renewed at the beginning of each reign.
The Duchy of Cornwall is not liable to pay corporation tax, as it is a Crown body subject to Crown exemption.
The Prince pays capital gains tax, but not in respect of the Duchy, as he is not entitled to its capital assets and gains from any capital sale must be reinvested.
Notably, the Duke of Cornwall does not profit from bona vacantia, the unclaimed assets of intestate estates. After any discretionary payments, all such monies are donated to charity.
