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:
“I must feel pride in my friend’s accomplishments as if they were mine,—and a property in his virtues. I feel as warmly when he is praised, as the lover when he hears applause of his engaged maiden.”
—Ralph Waldo Emerson (1803–1882)
“By avarice and selfishness, and a groveling habit, from which none of us is free, of regarding the soil as property, or the means of acquiring property chiefly, the landscape is deformed, husbandry is degraded with us, and the farmer leads the meanest of lives. He knows Nature but as a robber.”
—Henry David Thoreau (1817–1862)
“No man is by nature the property of another. The defendant is, therefore, by nature free.”
—Samuel Johnson (1709–1784)