The Prince's accounts in full

The Prince of Wales published his tax bill for the first time today, revealing that he paid £3.3 million to the Exchequer on the £14 million profits from his private estate.

Over the same period, Prince Charles, the Duchess of Cornwall and princes William and Harry drew just over £2 million from the public purse.

The Prince, who unlike other senior Royals does not receive income from the Civil List, was given £1,584,000 grants-in-aid for travel and property maintenance and £489,000 from Government departments for other expenses, such as his PR team and official communications.

Clarence House has calculated that this sum is equivalent of a 3.5 pence levy on each British citizen. It has pointed out that this is a reduction of half a pence on last year.

The total figure, however, does not include the amount spent on security which remains confidential and, in the existing climate, is likely to dwarf any other expenditure.

The intricacies of the Royal budget are laid bare in the final section of a glossy 57-page annual review which bears a striking resemblance to the published report of a listed company.

The headline figure - the private income which 'Prince Charles plc' obtains from the tax-exempt Duchy of Cornwall - rose six per cent on the previous 12 months to £14,067,000. The increase was due to rises in commercial property rent - including that which Charles pays for Highgrove - and a successful foray into the stock market.

Prince Charles voluntarily paid £3,296,000 in tax on this, up £33,000 on 2004/2005. This is just over 24 per cent, against a top tax rate of 40 per cent, and suggests that a team of accountants has been at work off-setting business expenses from the contributions.

This is the first time the Prince's tax bill has been made public. Previous financial reports included his tax contributions as a figure within his overall personal expenditure.

The Duchy, established by Edward III in 1337, is the Prince's primary source of income with its profits split between funding the Prince's public duties and his personal expenditure.

The sum has been made public to counter the conventional wisdom that the Prince is spared the taxman's grasp. It is also an attempt by Clarence House to lift the veil of secrecy around the Royal household's accounts.

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