Prince William's Duchy of Cornwall and King Charles' Duchy of Lancaster profits explained

Prince William's Duchy of Cornwall and King Charles' Duchy of Lancaster are 2 backstage estates earning the Royal Family millions of pounds each year. But what bash we truly cognize astir their finances?

Prince William became the proprietor of the £1.3 cardinal Duchy of Cornwall erstwhile the Queen died and it provides him with a backstage income of much than £20m each year.

At the aforesaid time, King Charles III inherited the £830m Duchy of Lancaster from his mother.

The 2 estates are exempt from a drawstring of taxes, including superior gains tax, corp taxation and inheritance tax.

Our probe with Channel 4 Dispatches reveals the commercialized profits from the 2 estates.

The Duchy of Cornwall’s commercialized gross has grown 115% since 2011 to astir £21m and is present much than fractional of its revenue.

It pays nary superior gains tax, which the Government this week raised to astatine slightest 24%, due to the fact that it says that “the immense bulk of its spot holdings are held for the agelong word arsenic halfway holdings” and each superior gains from spot income are reinvested.

During the decennary from 2010 to 2020 it made connected mean £3.3m a twelvemonth from selling property. But during the past 4 years this roseate to £44m - oregon much than £11m a year.

It precocious made much than £30m nett selling a warehouse successful Milton Keynes it had lone bought a fewer years previously.

Deals similar this person helped the full worth of the Duchy soar to astir £1.3 billion, up 73%, oregon astir doubly the complaint of inflation.

Baroness Margaret Hodge, erstwhile seat of the Public Accounts Committee, said: “When you really look astatine the enactment that takes spot successful these duchies, a batch of them arsenic spot transactions, immense spot portfolios.

“I deliberation determination is simply a incorrect commercialized vantage to the Duchy of Cornwall and to the Duchy of Lancaster successful that they don’t wage the taxes.”

The 700-year-old property was established by Edward III successful 1337 to supply fiscal independency to his lad and heir. A charter ruled that each aboriginal Duke of Cornwall would beryllium the eldest surviving lad of the monarch and the heir to the throne.

Prince William “voluntarily” pays income connected the surplus profits helium receives from the Duchy. The Duchy says: “This is not a request but thing His Royal Highness chooses to bash voluntarily. “

Last year, helium received astir £24m from the Duchy, income that “is utilized to money the public, charitable and backstage activities of The Duke and Duchess of Cornwall”.

Prince George volition go the 26th Duke but if helium has nary lad past helium keeps the Duchy erstwhile helium becomes king.

This past happened successful 1936, erstwhile the precocious Queen’s begetter King George VI was crowned and helium had lone 2 daughters. Queen Elizabeth ne'er owned the Duchy of Cornwall and it passed to her lad Charles erstwhile King George VI died successful 2022.

A Duchy of Cornwall spokesperson said: “The Duchy of Cornwall is simply a backstage property with a commercialized imperative which we execute alongside our committedness to restoring the earthy situation and generating affirmative societal interaction for our communities.”