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Speaker 1: We're going to Gavin Gray are UK and your correspondent

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Speaker 1: this morning. Angry crowds have confronted the Spanish King in

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Speaker 1: Valencia this after all the floodingvin What are they saying?

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Speaker 2: A green At times, actually it looked like the sort

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Speaker 2: of security ring that was supposed to be put around

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Speaker 2: the King in Queen of Spain was not going to

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Speaker 2: cope when they turned into one particular sort of pedestrian

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Speaker 2: street that were absolutely set upon by protesters who were

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Speaker 2: shouting murderer and shame on them and also flicking and

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Speaker 2: throwing mud at them. Of course, mud is plentiful in

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Speaker 2: and around the region of Valencia at the moment, following

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Speaker 2: those floods this week, in which more rainfall fell in

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Speaker 2: eight hours than they normally get in an entire year.

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Speaker 2: The death toll has also risen in the last forty

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Speaker 2: eight hours. It's now said to be two hundred and seventeen.

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Speaker 2: But the police are continuing to check underground car parks

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Speaker 2: tunnels as well for people who have died in their cars,

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Speaker 2: and it is thought many many more are still missing.

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Speaker 2: I have to say, I think King Philip and Queen

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Speaker 2: Letitia they felt they had to go they were consoling

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Speaker 2: members of the crowd. They did act extremely sort of

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Speaker 2: calmly to this that they faced, but frankly, you know,

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Speaker 2: there were members of the Valencian Parliament saying the King's

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Speaker 2: visit was a very bad decision. They didn't listen to

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Speaker 2: the warnings, and people there are angry that the warnings

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Speaker 2: about the weather came too late and then they've not

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Speaker 2: been given enough help.

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Speaker 1: Yeah, I mean, you can understand where they're coming from.

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Speaker 1: County and two hundred people, as you said, have lost

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Speaker 1: their lives in that region. Let's move to the UK.

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Speaker 1: So King Charles and Prince William have huge estates and

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Speaker 1: it turns out that they're charging public institutions even cherities

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Speaker 1: rent to use the buildings that they own.

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Speaker 2: Yes, so this is slightly complicated because of the structure

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Speaker 2: of how it's dealt with. But they run a couple

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Speaker 2: of organizations, the Duchies of Lancaster and Cornwall. Now they

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Speaker 2: do not form part of the Crown Estate. The Crown

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Speaker 2: Estate is something separate and the Crown of State profit

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Speaker 2: is used basically to calculate the funding given by the

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Speaker 2: government and that is taxed. These particular things seem to

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Speaker 2: be far more relaxed, and it's said that the deals

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Speaker 2: they have with National health service organizations, public bodies and

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Speaker 2: charities are worth roughly one hundred million New Zealand dollars

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Speaker 2: a year to them now. A spokesperson for the Duchy

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Speaker 2: of Lancaster, the private estate of King Charles, said, and

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Speaker 2: I quote it complies with all relevant UK legislation and

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Speaker 2: regular whose standards applicable to its range of business activities.

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Speaker 2: But this has been splashed across the Sunday Times. There's

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Speaker 2: a documentary on television as well coming and it doesn't

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Speaker 2: look good for the Royals on all this. The Duchy

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Speaker 2: of Cornwall, which is Prince William's separate entity, the Duchy

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Speaker 2: of Lancaster is the King's. Both hold very large amounts

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Speaker 2: of land, including quite a lot of commercial property in

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Speaker 2: England and Wales, and this is the property that they've

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Speaker 2: been renting out. The estates are not subject to corporation

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Speaker 2: tax which the rest of us have to pay, and

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Speaker 2: the Royals do not pay capital gains tax that's a

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Speaker 2: tax on a increase in value of an asset you sell.

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Speaker 2: But they do voluntarily pay income tax on the SOB.

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Speaker 1: Yeah, that's what it is because there was some confusion,

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Speaker 1: so they voluntarily pay the income tax. That's the difference. Yes, Gavin,

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Speaker 1: thank you very much for clarifying that. Gavin Gray, our

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Speaker 1: UK europe correspondent.

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