Prince William refuses to confirm how much tax he pays

But William has remained tight-lipped on just how much tax he has paid on the sizeable profits - estimated to lie at a reported £23.6million - across the last financial year.

While the Duchy of Cornwall has confirmed that the Prince of Wales pays capital gains tax, the Duchy itself is exempt; its own gains have to be reinvested in the business, while William is understood to pay income tax on its "distributable surplus", or his private income.

The lack of information on the Prince's tax contributions marks a change from when his father King Charles presided over the Duchy.

Under Charles, the estate's financial reports included a full run-down of the amount of tax he paid annually alongside household costs.

In 2022, then-Prince Charles paid some £5.89million, thousands more than the prior year's £5million total.

While Kensington Palace has affirmed that William was paying an "appropriate" level of income tax, sources have told the Telegraph that the secrecy on the matter reflected "what was required".

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The income on which the prince has paid tax - as part of the Duchy's distributable surplus - has fallen somewhat this year, though it remains at a sizeable eight-figure sum.

This year's surplus totals a reported £23.6million - approximately £400,000 less than last year, which the Duchy blamed on a "slight decrease in the operating surplus from property management".

The Duchy's profits cover the entirety of the "official, charitable, and private lives" of the Waleses - Prince William, Princess Kate and their children, George, Charlotte and Louis.

But the change in tax reporting isn't the only change William has made to the Duchy in his first full year in charge.

Under William's stewardship, the estate has ramped up its focus on climate change and "sustainability" - indeed, this year's report's "headline vision" is "Sustainable stewardship for communities, enterprise and nature".

And Alastair Martin, the Duchy's Secretary and Keeper of the Records, talked up its strategic goals of addressing mental health, homelessness, becoming a "net zero estate" by 2032 - and, of course, growing income and maintaining value.

Though Martin is set for a move to the Duchy of Lancaster, which serves a similar role to the Duchy of Cornwall but lies under the stewardship of the King, he has spoken in the past of his working relationship with William.

Just a day after the late Queen's death in September 2022, Martin called the new Duke of Cornwall to welcome him to the role - and William immediately handed over his personal phone number.

The outgoing Duchy Secretary revealed the prince told him: "If you want me, just get me, just message me," and has described William as "very involved" in his role.

He added: "There will be weekends when my WhatsApp messages will be in double figures and I will be very responsive. If something has gone well or badly, I will want to tell my boss and he'll be straight back."