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MPs want to see Charles accounts MPs want to see Charles accounts
(about 3 hours later)
MPs want to inspect Prince Charles' accounts for the Duchy of Cornwall.MPs want to inspect Prince Charles' accounts for the Duchy of Cornwall.
The Commons Public Accounts Committee has written to the Treasury saying it wants the National Audit Office to be able to inspect the books.The Commons Public Accounts Committee has written to the Treasury saying it wants the National Audit Office to be able to inspect the books.
Chairman Edward Leigh said he wanted to know why the organisation was exempt from corporation and capital gains tax.Chairman Edward Leigh said he wanted to know why the organisation was exempt from corporation and capital gains tax.
The Prince recently revealed he had paid £3.3m in tax on £14.1m of income from the Duchy of Cornwall, but this was paid on a voluntary basis.The Prince recently revealed he had paid £3.3m in tax on £14.1m of income from the Duchy of Cornwall, but this was paid on a voluntary basis.
The duchy is a private estate which owns land in 22 counties, mostly in the South West of England.The duchy is a private estate which owns land in 22 counties, mostly in the South West of England.
It covers the cost of the Prince's public and private life - neither Prince Charles, nor his sons Princes William and Harry, receive taxpayers' money from the Civil List. It covers the cost of the Prince's public and private life - neither he, nor his sons Princes William and Harry, receive taxpayers' money from the Civil List.
Committee reportCommittee report
According to the duchy's annual review, published in June, the Prince was left with more than £4m after tax and expenses - £2.2m of private expenditure and a remaining "operating surplus".According to the duchy's annual review, published in June, the Prince was left with more than £4m after tax and expenses - £2.2m of private expenditure and a remaining "operating surplus".
The organic food firm Duchy Originals made a £1m profit, which went to his Charities Foundation.The organic food firm Duchy Originals made a £1m profit, which went to his Charities Foundation.
The MPs' call follows a Public Accounts Committee report last year which asked the Treasury to justify the Duchy of Cornwall's - and also the Duchy of Lancaster's - "favourable" tax position. The MPs' call follows a public accounts committee report last year which asked the Treasury to justify the Duchy of Cornwall's - and also the Duchy of Lancaster's - "favourable" tax position.
The report asked Treasury officials to set out the impact of the situation on the Duchies' "competitive position in the property and other markets in which they operate".The report asked Treasury officials to set out the impact of the situation on the Duchies' "competitive position in the property and other markets in which they operate".
A Clarence House spokeswoman said: "The Duchy [of Cornwall] accounts are already under rigorous scrutiny.
"They are audited by an independent auditor and also subject to scrutiny by the Treasury."
She added that the Prince did not pay corporation tax because he already paid income tax, and in relation to capital gains tax, he is not entitled to any capital gains .
A Treasury spokesman said: "The government set out its view on the taxation of Duchy of Lancaster and Duchy of Cornwall in its response to the PAC report in 2005.
"We will respond to the subsequent technical enquiries in due course."