The sources of income going into two royal duchies are in the spotlight after an investigation into the full extent of their revenues.
A new joint investigation between The Times and Channel 4’s Dispatches looked at The King and The Prince of Wales’s financial holdings. All the information in it was already in the public domain although this is the first time it has been subjected to such intense analysis.
The newspaper and programme set out to catalogue every plot of land owned by the Duchy of Lancaster (belonging to the Monarch) and the Duchy of Cornwall (held by the heir to the throne). They revealed that the two duchies charge income from nearly 5,500 properties and rights.
Both generate income through commercial leases of land and property. They also collect payments from public organisations including local councils, the military and government departments for other rights including laying cables, mining, mooring boats and crossing rivers.
The investigation looked at all those sources of income. Both duchies publish annual reports. Both King Charles and Prince William voluntarily pay income tax on the money they get from their duchies. Both duchies also hold a special status exempting their profits from corporation tax.
A statement from the Duchy of Lancaster to the Sunday Times said ”the financial and environmental performance of the duchy is disclosed each year in our published report and accounts which are independently audited and freely available.”
The Duchy of Cornwall also released a statement, noting it is a ”private estate with a commercial imperative which we achieve alongside our commitment to restoring the natural environment and generating positive social impact.”
The Duchy of Lancaster first came under the Sovereign’s control in 1399. It belonged to Henry Bolingbroke who had inherited it from his father, John of Gaunt, fourth son of King Edward III. John had come into possession of it through his first marriage, to Blanche of Lancaster, heiress of the fabulously wealthy Duke of Lancaster.
The Duchy of Cornwall was first established in 1337 by Edward III to provide an income for the heir to the throne. It has grown over time and includes land outside of Cornwall. The title of Duke of Cornwall can only be held by a male heir to the throne – when a woman is first in line, the estate has been managed by the Crown.
