Royals British Royal Family British Royal Family News Prince William Is Not Revealing What He Paid in Taxes, Breaking King Charles' Tradition King Charles voluntarily began to pay taxes on earnings from the Duchy of Cornwall in 1993, and Prince William also settled up — but he didn't publicly disclose the sum By Janine Henni Janine Henni Janine Henni is a Royals Staff Writer for PEOPLE Digital, covering modern monarchies and the world's most famous families. Like Queen Elizabeth, she loves horses and a great tiara moment. People Editorial Guidelines Published on July 25, 2024 04:44PM EDT Close King Charles and Prince William at the official handover of the Colonel-in-Chief of the Army Air Corps role at the Army Aviation Centre on May 13, 2024. Photo: Max Mumby/Indigo/Getty Prince William is doing things a little differently from his father, King Charles, when it comes to running the Duchy of Cornwall. The Prince of Wales, 42, inherited the estate worth over $1 billion when the King acceded the throne in 2022. However, William declined to disclose how much he paid in taxes on the $30 million he received from the duchy for the 2023-2024 financial year, his first full year as head of the holding as the Duke of Cornwall. It's understood that he paid the tax, after the subtraction of unspecified household expenses, but did not publicize the amount as his father previously did. The Duchy of Cornwall has crown exemption, meaning that the royal in control is not obligated to pay income or corporation tax at all. However, the future King Charles voluntarily began to do so from 1993 on when he was the Prince of Wales and Duke of Cornwall, Hello! said. In recent years, King Charles shared that he paid a little more than £5 million ($6.4 million) in taxes on money from the Duchy of Cornwall for the year ending in 2021 and £5.89 million ($7.5 million) in 2022, The Telegraph reported. Prince William (second from left) is shown plans during a visit to a Duchy of Cornwall housing project in Newquay on May 9, 2024. Getty Images How Non-Working Members of the Royal Family Like Princess Beatrice and Princess Eugenie Make Their Money The Prince of Wales does not receive a traditional income. Instead, his and his family's annual costs, including official royal duties and private expenses, are largely covered by the Duchy of Cornwall estate. The holding was established by King Edward III in 1337 to provide funds for the heir to the throne, and the Duchy of Cornwall now spans 130,000 acres across 23 counties in England and Wales, encompassing farmland, property and commercial businesses. "This year’s distributable surplus was £23.6 million [$30.4 million]. We are pleased this was achieved while still spending a record amount on repairs and maintenance and investing in our staff and our sustainability programs," the Duchy of Cornwall said in a briefing about the 2024 Integrated Annual Report. Can't get enough of PEOPLE's Royals coverage? Sign up for our free Royals newsletter to get the latest updates on Kate Middleton, Meghan Markle and more! (From left) Prince George, Prince William, Prince Louis, Kate Middleton, Princess Charlotte, King Charles and Queen Camilla at Trooping the Colour on June 15, 2024. Chris Jackson/Getty The Duchy of Cornwall released the report on July 24, drawing comparisons between King Charles' and Prince William's management following William's first full year in the position. In another difference, Prince William declined to rehire Queen Camilla's sister, Annabel Elliot, as an interior designer for the Duchy of Cornwall's holiday properties, offices and nursery. Annabel was reportedly paid thousands of dollars over the years for her design work since 2005. "Sources confirmed that Prince William would no longer employ Ms. Elliot, although it was no reflection on her work," The Telegraph reported on July 24. Queen Camilla and Annabel Elliot ttend day ten of the Wimbledon Tennis Championships at the All England Lawn Tennis and Croquet Club on July 10, 2024. Karwai Tang/WireImage Kate Middleton and Prince William Are Hiring a New Staff Member, But the Job Requires a Rare Skill Prince William also reportedly runs the duchy in a more modern way: through WhatsApp! While his father reportedly connected with duchy management through landline phone calls, the Prince of Wales runs the show through the popular text messaging and calling app. "The day after Her Late Majesty [Queen Elizabeth] died, I rang Prince William to say, 'Welcome to your duchy, Sir.' I obviously knew him, I’d been working with him for the previous eight years or 10 years to really explain to him what his future was during the time he was heir to the throne," said Alastair Martin, outgoing secretary and keeper of the records, according to The Times. "Sustainability is a passion that they both share, but there are some differences," Martin said about the father and son. "His Royal Highness, the 24th duke, would telephone me. His Royal Highness, the 25th duke, will WhatsApp me." (From left) Alastair Martin, Michael Galsworthy and then-Prince Charles visit to Nansledan in Cornwall, England on March 22, 2018. Andrew Matthews - WPA Pool/Getty Prince William became the Duke of Cornwall when his father acceded the throne in 2022, and a royal source told PEOPLE soon after that the royal was "fully immersing himself" in the new job as head of the Duchy of Cornwall. Before inheriting the estate, Prince William spoke about his plans for it in the 2019 documentary Prince Charles: Inside The Duchy of Cornwall. "I’ve started to think about how I will inherit the Duchy one day,” William told farmers. “Well, rest assured I’m not going to rock the boat; I’ll do much the same as what my father’s doing. I’m not so into the architecture — that’s the only thing."