It seemed that being worried about taxes and levies is beneath royals, but the bitter reality dictates its terms. After the scrutiny, Britain’s Treasury is intending to revise the interest rates applied to the estate of Prince Charles. According to the authorities, the Prince of Wales is evading taxes on his income from the Duchy of Cornwall. Only for 2012 the profit amounted to £28.8 million, £19 million of which goes to the eldest son of Elizabeth II. The main problem is the document dated back to the XV century saying that the Duchy of Cornwall has the tax exemptions. That is why the estate is a private property and not liable for corporation tax or capital gains tax. Since the duchy is engaged in a range of business activities, it is a subject to the usual taxation. It is worthy of note that the check was initiated by the royal’s chief accounter, who suspected Prince Charles of avoiding paying liabilities in the amount of £700 million. The estate, which was created by Edward III in 1337 and inherited by the prince, makes the major part of Prince of Wales’s income. However, it is not the only land that belongs to him. He also possesses the biggest cricket ground in London.
