King Charles set to rake in extra MILLIONS from taxpayers despite reduction in his income

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.

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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.”