Britain's Prince Charles' annual spending published

Jun 27, 2006, 21:20 GMT

Britain's Prince Charles earns £14 million a year and pays £3 million in tax - a report has revealed.

The Prince of Wales revealed his financial situation for the first time ever yesterday (26.06.06) - in a bid to become more 'transparent and open' about the Palace's spending.

The report also revealed the heir to the British throne had his income increased by £800,000 last year, while his tax only saw an increase of £33,000.

According to Sir Michael Peat, The Queen's former accountant, decision to release the private financial information was intended to shift the popular assumption that Charles does not pay tax.

According to the report, prince's personal spending was just over £2 million, which includes the cost of 22 staff and his sons' - prince William and Harry's - polo bill.

Almost half of the £14 million was reportedly spent on 'official costs', which include 142 full-time and part-time Palace staff, as well as private assistants and secretaries for the royal family.

Sir Peat insisted that Charles' personal staff was kept to a minimum.

He said: 'We have about a fifth of the staff, and we do more engagements and we do more engagements and entertain the same people.

'In terms of staff we're actually very lean. Our staff numbers are right at the bottom.'

Meanwhile, the report also revealed that Charles' wife - Duchess of Cornwall, Camilla Parker Bowles - only 'cost' taxpayers £2,000 a year.

According to Sir Peat, the low 'maintenance' cost of the heir's spouse is due to minimal spending.

He said: 'She lives in houses that are already there, she travels with the prince and I think there have only been three occasions when she has travelled on her own, at a cost of around £2,000.'

Copyright 2006 BANG Media International