The Duchy of Cornwall is a managed private estate. The revenues from the estate are passed to HRH The Prince of Wales and Duke of Cornwall, who chooses to use them to fund his public, charitable and private activities and those of his family.
Like everyone else, The Prince of Wales pays income tax including on his income from the Duchy of Cornwall at the highest rate. The Duchy of Cornwall estate is not a corporation and therefore not subject to Corporation tax. However, The Prince does pays income tax on the Duchy’s surplus. If the Duchy also paid corporation tax, the Prince would effectively be taxed twice on the same income. Only companies pay corporation tax; many other large organisations which are not companies pay income tax.
By Patrick McLoughlin on October 15, 2015