Home News Breaking News  MPs urge royal tax probe  The Treasury
has been urged to investigate whether the Prince of Wales's
estate has an "unfair advantage" over commercial rivals because
it is exempt from costly business taxes.  MPs want officials to
assess if the Duchy of Cornwall, a portfolio of land, property
and investments, has led to the creation of an "unlevel playing
field" because it is not liable for corporation tax or capital
gains tax.  Over the last financial year it generated £28.8
million and the Prince received an income of £19 million, up 4%
on the previous year.  The money is partly used to fund his and
his family's public, charitable and official duties and the
Prince voluntarily pays income tax on the cash left after costs,
around £9.2 million last year, the Public Accounts Committee
said.  But it called for his income tax arrangements to be
opened up to scrutiny to improve transparency.  "The combined
total of income tax and VAT paid by The Prince of Wales was £4.4
million," the PAC said