The Duchies of Cornwall, owned by the Prince of Wales, and Lancaster, held in a belief for King Charles, have been the subject of investigation in a bombshell-packed episode of Dispatches, which aired on Saturday, November 2.
The 2 Royal duchies are personal estates fashioned, within the case of Lancaster, greater than 700 years in the past. They’ve been handed down via generations of the Royal Household since and generate thousands and thousands of kilos. Even so, their belongings and actions can typically really feel a little bit unclear.
Here’s what you could know concerning the Duchy of Cornwall and the Duchy of Lancaster.
What’s the Duchy of Cornwall and who owns it?
The Duchy of Cornwall is a major landholding within the UK, established in 1337 by King Edward III.
Valued at greater than £1 billion, it was created to offer an earnings for the eldest son of the reigning British monarch. The duchy contains an in depth portfolio of land, properties, and investments primarily in south-west England, overlaying roughly 130,000 acres throughout 23 counties. Its holdings embrace residential, business, and agricultural land — and forests, coastal areas, and numerous historic properties.
The duchy is owned by Prince William, as he’s the eldest son of King Charles III.
Possession of the Duchy of Cornwall historically passes to the monarch’s eldest upon beginning or the monarch’s ascension to the throne, making him the Duke of Cornwall.
The Duchy of Cornwall is thus a non-public property, impartial of the Crown Property, which the reigning monarch owns. Nonetheless, Prince William doesn’t personal the duchy’s belongings outright; he manages them as a steward and advantages from the earnings they generate, which helps his public, charitable, and personal actions.
Prince William is proven plans of the Duchy of Cornwall’s first housing challenge, in Nansledan, Newquay, in Might 2024
REUTERS
If there is no such thing as a male inheritor, the duchy reverts to the monarch’s management, however since its founding, there has at all times been an inheritor to inherit the title of Duke of Cornwall.
The duchy’s income gives the Duke of Cornwall with a major earnings. Like his father earlier than him, Prince William makes use of the earnings primarily to fund his official actions, charitable work, and private bills — and people of his fast household. Within the final monetary yr, the prince acquired £23.6m from the property.
Along with its monetary function, the Duchy of Cornwall has been concerned in pioneering environmental and social initiatives, particularly beneath King Charles III’s tenure. Many duchy properties have been developed to give attention to sustainability and conservation, reflecting the King’s long-standing dedication to environmental points.
The Government’s Treasury must approve all property transactions of £500,000 or more. The accounts are shown to the House of Commons and the House of Lords yearly.
What’s the Duchy of Lancaster and who owns it?
The Duchy of Lancaster is a non-public property that has belonged to the British monarch because the medieval interval, and it serves as a supply of impartial earnings for the reigning king or queen. In contrast to the Duchy of Cornwall, which historically helps the inheritor to the throne, the Duchy of Lancaster helps the sovereign immediately.
The duchy gives earnings to the British monarch to cowl official and personal bills that the Authorities doesn’t fund. Its earnings go to a fund referred to as the “Privy Purse,” which helps the monarch’s private and official expenditure.
King Charles III, in his function as monarch, owns the duchy. It’s held in belief, that means that it’s not the king’s private property, however he advantages from its earnings.
The duchy was based in 1265 when lands have been granted to Edmund Crouchback, the youthful son of King Henry III. It formally turned the Duchy of Lancaster in 1351 when it was established for John of Gaunt, a son of King Edward III. When Henry IV (John of Gaunt’s son) took the throne, he decreed that the duchy would stay separate from different crown belongings and be held in perpetuity for the reigning monarch.
King Charles III owns the Duchy of Lancaster in his function as monarch
PA Wire
The duchy owns about 45,000 acres of land throughout England and Wales. Its belongings embrace agricultural and business properties, city developments, historic buildings, and pure assets.
The duchy is overseen by the Chancellor of the Duchy of Lancaster, a senior Authorities minister. Nonetheless, the property is managed independently, with its personal administrative construction {and professional} crew.
The duchy’s income is distinct from the Sovereign Grant (funded by UK taxpayers) and gives a supply of personal earnings. Within the final monetary yr, the King acquired £27.4m from the Duchy of Lancaster.
Do the Royals pay tax on the duchies?
The King and the Prince of Wales each pay earnings tax on the earnings they obtain from the estates, however the Duchies themselves are exempt from numerous companies taxes.
They don’t pay company tax or capital positive factors tax, and inheritance tax isn’t paid when they’re handed down the royal line of succession.
What did Channel 4’s Dispatches documentary declare?
Channel 4’s Dispatches programme, The King, The Prince and Their Secret Tens of millions, and Sunday Instances, investigated the Duchies of Lancaster and Cornwall.
The investigation discovered the estates cost public our bodies, together with the NHS, state faculties, and the armed forces, to be used of their land — and the earnings they obtain from them goes properly into the thousands and thousands.
Dispatches reported that the Duchy of Lancaster charged £11.4m over 15 years to Man’s and St Thomas’ NHS Belief in London for storing ambulances in an estate-owned warehouse. The Duchy of Cornwall, in the meantime, reportedly acquired over £1m from the navy since 2004 for jetties and mooring on Cornish land.
The programme additionally raised considerations concerning the high quality of some duchy rental properties, with 14 per cent in Cornwall and 13 per cent in Lancaster failing minimal vitality requirements — a authorized requirement since 2020.
The Duchy of Lancaster acquired a minimum of £28m from wind farm cabling charges attributable to a feudal proper on its land, regardless of the King’s public statements on redirecting earnings from Crown Property wind farms for public profit, Dispatches reported.
The programme additionally claimed the Duchy of Cornwall has a profitable cope with the Ministry Of Defence to hold out military coaching on Dartmoor.
Conservative Social gathering councillor Philip Sanders stated on the programme: “I see no motive why the Duchy couldn’t conform to let the MoD use the moor with out cost […] it’s the coaching of our troops.”
What have the royal estates stated?
A Duchy of Cornwall consultant stated: “The Duchy of Cornwall is a non-public property with a business crucial which we obtain alongside our dedication to restoring the pure setting and producing optimistic social influence for our communities.
“Prince William turned Duke of Cornwall in September 2022 and since then has dedicated to an expansive transformation of the duchy.
“This features a important funding to make the property internet zero by the top of 2032, in addition to establishing focused psychological well being help for our tenants and dealing with native companions to assist deal with homelessness in Cornwall.”
A Duchy of Lancaster consultant stated: “The Duchy of Lancaster operates as a business firm, managing a broad vary of land and property belongings throughout England and Wales. It complies with all related UK laws and regulatory requirements relevant to its vary of enterprise actions.
“The Chancellor of the Duchy of Lancaster is accountable to the Sovereign for the administration of the Duchy. Nonetheless, he/she delegates sure features, notably these relating to asset administration, to the Duchy Council.
“Whereas His Majesty The King takes an in depth curiosity within the work of the Duchy, the day-to-day administration of the portfolio is the accountability of the Council and govt crew.
“The duchy has made numerous key environmental enhancements lately, delivering a major improve within the variety of A+, A and B EPC scores awarded to our properties because of refurbishment or restoration works.
“Presently, over 87 per cent of all Duchy let properties are rated E or above. The rest are both awaiting scheduled enchancment works or are exempted beneath UK laws.”