Queen's 'income tax' goes up by 10%

The Queen's "income tax", in the form of profits from the Crown Estate paid to the Exchequer today, has gone up by more than 10 per cent on last year to £163.3 million.

The amount is more than 4.5 times the total cost of the royal family, which stands at £35.3 million. The capital value of the Crown Estate was up by 4.4 per cent to £4.2 billion.

Crown Estate's chief executive Roger Bright said: "On our £3.2 billion urban estate, the main focus of the year was in Regent Street which is at the core of the Crown Estate's historic holdings.

"We have embarked upon a multi-million pound investment plan to modernise outdated Twenties' retail and office accommodation behind the impressive frontages, with the aim of maximising the quality and style of the street, while conserving its heritage."

The Crown Estate includes all the property in Regent Street between Oxford Circus and Piccadilly Circus and all the property in Regent's Park and Kensington Palace Gardens.

It also owns Windsor Great Park and Home Park, the Savill and Valley Gardens, Smith's Lawn, Ascot Racecourse, Berkshire and Swinley Forest golf courses, as well as 1,300 affordable homes in the East End,