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24/10/2006
Prince Charles to face tax probe
Prince Charles has come under fire from MPs who want the National Audit Office to inspect the accounts for the Duchy of Cornwall.
Tory MP, and Chairman of the Commons Publics Accounts Committee, Edward Leigh, has written to the Treasury, inquiring why the organisation was exempt from corporation and capital gains tax.
The letter, addressed to Financial Secretary John Healey, follows the report last year, which appealed to the Treasury to validate the Dutchies’ “favourable” tax position.
It also asked officials at the Treasury to explain the impact of the “competitive position in the property and other markets in which they operate.”
Mr Healy responded to the Treasury’s letter, saying: “The committee has considered the Treasury’s response on this point, but to help their understanding Members would welcome a fuller explanation.
“In particular, the committee would welcome the Treasury’s view on whether there is anything about the status of the Duchy of Cornwall and Duchy of Lancaster that puts them outside the regimes for corporation tax and capital gains tax.”
The duchy’s annual review, which was published in June, revealed the Prince was left with more than £4m after tax and expenses - £2.2m of private expenditure and a remaining “operating surplus”.
While the Government is backing the Prince, if the Committee’s suspicions are found to be with justification, he may face a large tax bill.
(JM)
Tory MP, and Chairman of the Commons Publics Accounts Committee, Edward Leigh, has written to the Treasury, inquiring why the organisation was exempt from corporation and capital gains tax.
The letter, addressed to Financial Secretary John Healey, follows the report last year, which appealed to the Treasury to validate the Dutchies’ “favourable” tax position.
It also asked officials at the Treasury to explain the impact of the “competitive position in the property and other markets in which they operate.”
Mr Healy responded to the Treasury’s letter, saying: “The committee has considered the Treasury’s response on this point, but to help their understanding Members would welcome a fuller explanation.
“In particular, the committee would welcome the Treasury’s view on whether there is anything about the status of the Duchy of Cornwall and Duchy of Lancaster that puts them outside the regimes for corporation tax and capital gains tax.”
The duchy’s annual review, which was published in June, revealed the Prince was left with more than £4m after tax and expenses - £2.2m of private expenditure and a remaining “operating surplus”.
While the Government is backing the Prince, if the Committee’s suspicions are found to be with justification, he may face a large tax bill.
(JM)
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