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Footnote:
Every year the estates of the royal family make tens of millions of pounds, yet they pay no corporation tax.
Last year the Duchy of Lancaster raised £27.4 million for the King and the Duchy of Cornwall raised £23.6 million for Prince William.
This is separate from the sovereign grant of tens of millions of pounds – funded by the taxpayer – which pays for formal royal duties, palaces and official households.
The duchies – worth £1.8 billion – are the personal property of King Charles and Prince William, but they are exempt from corporation tax and capital gains tax.
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