King Charles has to grapple with the same problems we all have, making a limited income stretch further. He shares his advice.
Most recently he has given up his private train and recommends that everybody else does the same. For the amount of use it got it is far more cost effective to use a helicopter. He understands that not everyone has the space to store a helicopter, however there are some charter hire options that give good value for your money.
Food costs are something that affects everybody. There is no getting away from the fact that everyone has to eat. KC has some great advice to help with food costs, “One has to rely on one’s own land to grow as much food as possible. Luckily we have a few acres in the family in Cornwall, Devon, Hereford and several other places which William is looking after now.” He goes on to mention that not only does it grow enough food for the family, but they have some left over that they can sell. “With careful financial planning we have been able to ensure that it is exempt from Capital Gains and Corporation tax. One is sure that if other people hire a coach load of top barristers and tax law experts they should be able to get a tax exemption”.
He also recommends renting out property to tenants. This can be a great source of income. As well as residential lets there are lets to schools, NHS facilities and the Armed Forces. In 2023 these rentals brought in about £50 million. His advice is for everyone is to look closely at which property assets could be rented out.
Selling property is also a good strategy if it is no longer required and you do not want to be burdened with renting it out. The sale of a terrace of 14 buildings in Harley Street in London raised £34 million in 2010. That is dwarfed by the £140 million raised by the sale of affordable housing in the Cumberland Market, Millbank, Victoria Park and Lee Green housing estates in London. KC recommends that everybody manages their property portfolio carefully.
It is also a great financial help that the seabed as far as 12 nautical miles from the coast belong to the Crown Estate. Anybody wanting to build a wind farm or run a pipeline has to pay for a lease to use the seabed. On this KC says, “This is just something that was arranged about 60 years ago and one is stuck with it”.