Property
The duchy owns 133,658 acres of land (around 54,090 hectares) over 23 counties, including farming, residential, and commercial properties, as well as an investment portfolio. In modern times, the considerable income from the duchy has been the primary source of income for the Prince of Wales, both as to personal funds and public and charitable work.
The duchy was created with the express purpose of providing income to the heir apparent to the throne; thus, it traditionally goes to the eldest son of the reigning monarch. Although the duke owns the income from the estate, he does not own the estate outright and does not have the right to sell capital assets for his own benefit.
In 2010, the duchy generated £17.1 million in income. As the Duke of Cornwall is not a subject of the Queen he is not legally required to pay income tax . However, since 1993 Prince Charles has voluntarily agreed to pay income tax at the normal rates (see: Finances of the British Royal Family). Approximately half of this income was spent on public and charitable works.
Since the passing into law of the Sovereign Grant Act 2011, revenues of the Duchy of Cornwall will pass to the heir to the throne, regardless of whether that heir is the Duke of Cornwall. In the event that the heir is a minor, 10% of the revenues will pass to the heir, with the balance passing to the Crown.
Read more about this topic: Duchy Of Cornwall
Famous quotes containing the word property:
“Strange and predatory and truly dangerous, car thieves and muggers—they seem to jeopardize all our cherished concepts, even our self-esteem, our property rights, our powers of love, our laws and pleasures. The only relationship we seem to have with them is scorn or bewilderment, but they belong somewhere on the dark prairies of a country that is in the throes of self-discovery.”
—John Cheever (1912–1982)
“Let’s call something a rigid designator if in every possible world it designates the same object, a non-rigid or accidental designator if that is not the case. Of course we don’t require that the objects exist in all possible worlds.... When we think of a property as essential to an object we usually mean that it is true of that object in any case where it would have existed. A rigid designator of a necessary existent can be called strongly rigid.”
—Saul Kripke (b. 1940)
“Thieves respect property. They merely wish the property to become their property that they may more perfectly respect it.”
—Gilbert Keith Chesterton (1874–1936)