Loki
07-01-2009, 06:42 PM
More cash, less tax for Charles: Clever accounting sees Prince slash his revenue bill by 10% (http://www.dailymail.co.uk/news/article-1194913/Prince-Charles-sees-tax-fall-10-despite-receiving-hike-funding-public-purse.html)
Prince Charles saw his tax bill fall by 10 per cent last year despite receiving an unprecedented hike in funding from the public purse.
The heir to the throne pocketed a recession-proof salary of £19.5million, most of it from his Duchy of Cornwall estate.
An additional £3million, up almost 25 per cent on the previous year, came from the Government, which helped to cover his record travel expenses.
http://i.dailymail.co.uk/i/pix/2009/06/23/article-1194913-05748B44000005DC-351_468x531.jpg
Thanks to some clever accounting, however, Charles was able to write off almost two thirds of that - some £12.5million in all - as business expenses and official spending.
This included everything from the cost of his staff, such as butlers, valets and chefs, to office stationery and even the bill for maintaining his flower beds at Highgrove.
That meant he paid income tax of 40 per cent only on the remaining £6.9million, resulting in a tax bill of a little over £3million - down and £336,000. In total, Charles's annual income rose by £764,000 last year.
Although his income from the Duchy, a private estate owning everything from commercial property to agricultural land, has remained static, his Government allowance for 2008-2009 rose by more than £500,000 to £ 3,033,000.
The reason for this was a staggering 48 per cent increase in the cost of his travel bill from £1.15million to £1.7million.
Two long-haul trips by Charles and the Duchess of Cornwall on a private jet to the Far East last year and to South America in March accounted for most of this. Each cost taxpayers just over £500,000.
Ironically, considering his championing of environmental issues, the trips saw the prince's carbon emissions soar to 1,253 tons over the year, up from 929 last year. The leap is particularly embarrassing for Charles because this year's tour was designed to promote a green agenda.
More (http://www.dailymail.co.uk/news/article-1194913/Prince-Charles-sees-tax-fall-10-despite-receiving-hike-funding-public-purse.html)
Prince Charles saw his tax bill fall by 10 per cent last year despite receiving an unprecedented hike in funding from the public purse.
The heir to the throne pocketed a recession-proof salary of £19.5million, most of it from his Duchy of Cornwall estate.
An additional £3million, up almost 25 per cent on the previous year, came from the Government, which helped to cover his record travel expenses.
http://i.dailymail.co.uk/i/pix/2009/06/23/article-1194913-05748B44000005DC-351_468x531.jpg
Thanks to some clever accounting, however, Charles was able to write off almost two thirds of that - some £12.5million in all - as business expenses and official spending.
This included everything from the cost of his staff, such as butlers, valets and chefs, to office stationery and even the bill for maintaining his flower beds at Highgrove.
That meant he paid income tax of 40 per cent only on the remaining £6.9million, resulting in a tax bill of a little over £3million - down and £336,000. In total, Charles's annual income rose by £764,000 last year.
Although his income from the Duchy, a private estate owning everything from commercial property to agricultural land, has remained static, his Government allowance for 2008-2009 rose by more than £500,000 to £ 3,033,000.
The reason for this was a staggering 48 per cent increase in the cost of his travel bill from £1.15million to £1.7million.
Two long-haul trips by Charles and the Duchess of Cornwall on a private jet to the Far East last year and to South America in March accounted for most of this. Each cost taxpayers just over £500,000.
Ironically, considering his championing of environmental issues, the trips saw the prince's carbon emissions soar to 1,253 tons over the year, up from 929 last year. The leap is particularly embarrassing for Charles because this year's tour was designed to promote a green agenda.
More (http://www.dailymail.co.uk/news/article-1194913/Prince-Charles-sees-tax-fall-10-despite-receiving-hike-funding-public-purse.html)