King Charles' astonishing payday revealed as he's set to rake in extra millions from taxpayers

dailyrecord.co.uk:

King Charles is set to rake in an eye-watering amount of money this year. It follows confirmation on how much the Government will provide to the Royal Family in the future.The taxpayer-funded settlement - known as the Sovereign Grant - is paid every year and has been confirmed.

And the amount comes despite the Treasury's announcement that the rate has been halved, cut from 25 per cent to 12 per cent of the Crown Estate’s net profits.For last year and this year, the Sovereign Grant was worth £86.3m, the same as in 2021-2022.

However, thanks to Buckingham Palace's 10-year £396 million refurbishment plan - and the costs associated with King Charles succeeding Queen Elizabeth - alongside higher-than-expected inflation, total spending for the period is £107.5m.This is a 5 per cent increase spent from the previous year, meaning the shortfall, with spending greater than the Sovereign Grant, resulted in drawing £20.7m from reserves.The change to the process used to calculate the taxpayer-funded grant comes as new offshore wind deals are set to push profits above £1.4 billion, which means Charles' payment for the next year and 2024-5 is fixed at £128 million, reports the Sun.And even more positive news for the King means that even under the new 12 per cent formula, it will climb by about £40 million in each of the following two years as surging income from wind farms push profits from the Crown Estate through the £1 billion barrier.

The Sovereign Grant is used to pay for official royal duties.This is not the only source of income for the King, as he also receives a paycheck from private estate, the Duchy of Lancaster.