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

SURGING offshore wind farm profits are set to give King Charles an £80million boost from the taxpayer.

He will rake in the cash despite his Sovereign Grant rate being slashed in half.

Funding of the monarchy is to be cut from 25 per cent to 12 per cent of the Crown Estate’s net profits, the Treasury announced.

But the change to the way the taxpayer-funded grant is calculated comes as new offshore wind deals are set to push profits above £1billion. His payment for the next year and 2024-5 is fixed at £86.3million.

But even under the new 12 per cent formula it will climb by about £40million in each of the following two years as surging income from wind farms push profits from the Crown Estate through the £1billion barrier.

The Sovereign Grant is used to pay for official royal duties.

Part of it, however, has been earmarked to pay for a £369million, ten-year refurb of Buckingham Palace.

In January, Charles said he wanted wind farm profits to be used for “public good”.

Former Privy Council MP Norman Baker said: “We still have a right royal rip-off.”