- West Country (W)
- 4 updates
Prince Charles might be getting an unfair commercial advantage because his Duchy of Cornwall estate doesn't pay Corporation Tax. That's according to a committee of MPs.
The Duchy owns large stretches of land across the West Country, including Poundbury in Dorset.
Bob Constantine reports.
The treasury is being urged to investigate whether Prince Charles's Duchy of Cornwall estate has an unfair advantage over its commercial rivals.
The Duchy is a portfolio of land, property and investments all over the South West, but it doesn't have to pay corporation tax or capital gains tax.
Last year it generated more than £28m. Prince Charles uses the money to fund his public duties.
Margaret Hodge MP is from the Public Accounts Committee:
Prince Charles is facing calls for his Duchy of Cornwall estate, to pay more tax on the large stretches of land which it owns across the south west. The issue will be raised by a committee of MPs. The Duchy defends its position, and points out the Prince does voluntarily pay income tax.
The Prince of Wales is facing calls from a leading MP to pay a greater share of tax on his Duchy of Cornwall estate.
Prince Charles currently pays voluntary income tax as his estate is exempt from corporation and capital gains tax.
Labour MP Margaret Hodge, who is Chairman of the Commons Public Accounts Committee, is demanding an overhaul of his tax arrangements and says he should be required by law to pay income tax and the Duchy should pay taxes in the same way as other businesses.