Soaring profits from offshore wind farms are likely to give King Charles an £80m tax boost.
He will rake in the money even though his subsidy rate has been cut in half.
Funding for the monarchy is to be cut from 25 percent to 12 percent of the Crown Estate’s net profit, the Treasury announced.
But the change in how the taxpayer-funded grant is calculated comes as new offshore wind power deals are expected to boost profits to over £1billion. His payment for next year and 2024-2020 is set at £86.3million.
But even under the new 12 per cent formula, it will rise by around £40m in each of the following two years as rising wind farm revenue pushes the Crown Estate’s profits through the £1bn mark.
The Sovereign Grant is used to pay for official royal duties.
But part of that is earmarked to fund a decade-long £369million refurbishment of Buckingham Palace.
In January, Charles said he wanted profits from wind farms to be used for “the public good”.
Former Privy Council MP Norman Baker said: “We still have a real royal rip-off.”