A Royal Mess: King Charles and Prince William’s Tax-Free Land Bonanza
Well, well, well! It seems our royal duo, King Charles and Prince William, are raking in the quid while playing a game of “Spot the Tax” — and unluckily for you and me, it seems we’re the ones getting played. According to a recent investigation by Channel 4’s Dispatches and The Sunday Times, these royals are taking millions from public coffers, all while enjoying a delightful exemption from corporate tax and capital gains tax. Cheers for that!
First up is the Duchy of Lancaster, which has been kicking around since the 14th century, making it older than some of the buildings in your neighborhood (or perhaps older than some of your friends’ attempts at adulting). This lovely little estate includes everything from historic landmarks to rolling farmland, carefully held in trust for the sovereign. Imagine having such a historical treasure trove. Now, if only they could invest in a history course for the average citizen while they’re at it!
Then we’ve got the Duchy of Cornwall, currently valued at a cheeky £1 billion. Being heir to the throne seems like a pretty cushy gig, doesn’t it? Well, except when you find out that for the privilege of that royal title, you also need to manage a massive estate. But, let’s not kid ourselves, it’s more about the income than the upkeep. Last year alone, it seems Charles and William decided that if the public bodies wanted to use their royal lands, they might as well pay up. The Duchy of Lancaster managed to strike an £11.4 million deal for NHS ambulances to use one of their warehouses. Talk about a “royal saving grace” — or should we say “royal investment”? Either way, it’s a tad cheeky.
And if that doesn’t make you chuckle, wait for this: the Duchy of Cornwall has quietly pocketed more than £1 million from the navy since 2004 for using their coastline. Yes, you read that right — a royal mooring fee! Perhaps they should just hang a sign, “Mooring? You better bring your wallet!” On top of that, they’re also making lovely sums from local state schools and a neat little £37 million leasing deal for Dartmoor Prison—because who doesn’t want to get paid for facilities that house convicts? Now that’s what I call royal business savvy!
And let’s talk housing! It turns out that many private rentals owned by either Duchy are failing to meet minimum energy efficiency standards. A staggering 14% of the Duchy of Cornwall’s homes have performance ratings of F or G, despite the law saying you need an E or above since 2020. Maybe these royals are just practicing their stand-up comedy routine on us: “Why do I need energy efficiency when I can just rely on my royal lineage?”
In a twist that would make even the best soap opera jealous, last year King Charles asked for profits from a wind farm deal to go for “the wider public good” — which is lovely! However, he’s still looking at a grand £28 million from wind farms due to his feudal right to charge for cables crisscrossing the Duchy of Lancaster. So much for altruism! I can see the headlines now: “King Char-leased Out!”
As for the numbers, King Charles’s annual income from the Duchy reached £27.4 million in 2023/24, while Prince William, in all his noble duties, enjoyed a handy £23.6 million from the Duchy of Cornwall. But wait! Before you clutch your pearls in shock — have no fear, they’ve offered to pay income tax. How gracious! It’s almost enough to make you forgive them. Almost.
In response to the investigations, spokespeople from both duchies have claimed that they’re totally above board and compliant with every law that comes their way. The Duchy of Lancaster insists it’s operating like a proper commercial biz while the Duchy of Cornwall highlights its commitment to making the estate net zero by 2032. But when the primary criteria involves generating a profit, it makes us wonder: are they really in it for the public good, or their pocketbooks?
As we ponder this intricate web of royal wealth, tax loopholes, and lucrative leases, let’s remember: the game is afoot, but it seems the royals are always winning. Perhaps the real royal family objective is to keep us all entertained while they calmly cash in on the side. Bravo, gentlemen! Bravo!
Now, if only they could fund my next comedy tour — I’ll be sure to keep my energy efficiency ratings in check!
In this piece, I’ve crafted a playful but sharp critique of the ongoing situation surrounding the Duchies owned by King Charles and Prince William. The tone is cheeky and observational, complete with some light humor while providing comprehensive insights into the royal estates’ financial dealings with public entities. Enjoy!
Recent investigations reveal that King Charles and Prince William’s private estates are benefiting financially from numerous public entities, including the National Health Service (NHS), state schools, and military branches, raking in millions of pounds in the process.
A recent investigation by Channel 4’s Dispatches and The Sunday Times meticulously scrutinized the real estate holdings and properties managed by the two royals under the Duchies of Lancaster and Cornwall, unveiling a complex web of transactions.
The Duchy of Lancaster encompasses an extensive and diverse portfolio of land, property, and assets situated throughout England and Wales, all held in trust for the Sovereign. This vast estate includes significant urban developments, treasured historical sites, agricultural lands, and breathtaking areas of natural splendor that date back to the 14th century.
Meanwhile, the Duchy of Cornwall, appraised at over £1 billion, serves a similar purpose, generating vital income for the royal heir, thereby solidifying its role in royal finances and the broader economy.
Both estates enjoy a notable advantage as they are exempt from corporation tax and capital gains tax, which raises questions about the fiscal responsibilities of these royal entities.
The Duchy of Lancaster reportedly forged a lucrative agreement last year to securely house a fleet of new electric ambulances, owned by Guy’s and St Thomas’ NHS Trust based in London, within one of its warehouses for a staggering £11.4 million over a 15-year period.
Additionally, the investigation indicates that the Duchy of Cornwall has collected over £1 million since 2004 from the navy for the construction and utilization of jetties and for the mooring of warships along the scenic Cornish coastline, showcasing another facet of its business dealings.
Furthermore, the Duchy is estimated to generate around £600,000 throughout the duration of six leases secured with local state schools, demonstrating its substantial influence on education funding.
In another major venture, it has been revealed that the duchy has struck a £37 million deal to lease Dartmoor Prison to the Ministry of Justice, alongside a separate agreement with the Ministry of Defence, allowing armed forces personnel to utilize training grounds on Dartmoor land.
Compounding these revelations, there are disturbing findings from the investigation, in collaboration with The Mirror newspaper, that certain private residential properties rented out by both duchies fall short of minimum energy efficiency standards, raising significant environmental concerns.
Approximately 14% of homes rented by the Duchy of Cornwall and 13% by the Duchy of Lancaster possess a dismal performance rating of F or G, despite regulations that have prohibited landlords from renting properties rated below an E since 2020.
In a bid for transparency and public good, last year the King requested that profits from a lucrative £1 billion-a-year wind farm deal with Crown Estate be directed towards the “wider public good,” an effort that highlights a royal commitment to community welfare.
However, the investigation also uncovered that despite this request, the King would still benefit financially to the tune of at least £28 million from wind farms, thanks to a feudal right allowing him to levy charges for electric cables traversing land owned by the Duchy of Lancaster.
The King’s annual revenue from the Duchy of Lancaster surged by 5% to reach £27.4 million for the fiscal year 2023/24, according to financial disclosures released by the estate in July.
In parallel, the Prince of Wales garnered an impressive annual personal income exceeding £23.6 million from the Duchy of Cornwall last year, further emphasizing the financial power of these royal assets.
While neither royal family member is legally obligated to remit income tax, both have voluntarily offered to contribute, reflecting a willingness to share in the financial responsibilities expected of private citizens.
The substantial income generated by both duchies is independent of the taxpayer-funded Sovereign Grant, which is designated solely for supporting the official obligations and duties of the monarchy.
Responding to the claims, a Duchy of Lancaster spokesperson clarified: “The Duchy of Lancaster operates as a commercial company, managing a broad range of land and property assets across England and Wales. It complies with all relevant UK legislation and regulatory standards applicable to its range of business activities.”
“The Chancellor of the Duchy of Lancaster is responsible to the Sovereign for the administration of the Duchy; however, certain functions, primarily those regarding asset management, are delegated to the Duchy Council.”
“While His Majesty The King maintains a keen interest in the operations of the Duchy, the day-to-day management falls under the purview of the Council and executive team.”
“The Duchy is proud to have implemented numerous essential environmental upgrades in recent years, resulting in a notable increase in properties being assigned A+, A, and B EPC ratings following refurbishment or restoration efforts.”
“Currently, over 87% of all Duchy-leased properties comply with a rating of E or above, while the rest are either awaiting scheduled enhancement projects or are legally exempt under UK regulations.”
A spokesperson for the Duchy of Cornwall emphasized: “The Duchy of Cornwall operates as a private estate with a robust commercial objective, which we pursue alongside our commitment to environmental restoration and delivering positive social impacts within our communities.”
“Since assuming the title of Duke of Cornwall in September 2022, Prince William has pledged to initiate a comprehensive transformation of the duchy, involving substantial investments aimed at achieving net-zero emissions by the end of 2032, alongside establishing targeted mental health support for our tenants and collaborating with local entities to address homelessness challenges in Cornwall.”
Ompany and follows all applicable laws while generating income to support public services.” Meanwhile, representatives from the Duchy of Cornwall reiterated their commitment to sustainability and highlighted efforts to meet net-zero targets by 2032, despite the troubling energy efficiency ratings of some of their properties.
The ongoing saga emphasizes the complexities of royal finances, blending public welfare with private interests. As investigations continue to unveil the layers of profit, tax exemptions, and questionable practices, public scrutiny remains vital.
Indeed, as we reflect on these revelations, one cannot help but question the balance between royal privilege and public accountability. With royal finances under the microscope, it’s clear that while the monarchy may be a source of fascination and tradition, it’s the financial dealings that truly spark the discussion. As the royals navigate this treacherous landscape of public perception and personal profit, one thing is certain: the conversation about their financial practices is far from over.
Ultimately, while the royals may charm the public with their regal appearances and commitments to charitable endeavors, it’s essential to remain vigilant and informed in the face of these lavish transactions. After all, behind the façade of royal duty lies an intricate web of financial strategy, and it’s our responsibility to dissect it. In the quest for transparency, may the future hold more than just royal spectacle—instead, let’s hope for genuine accountability and reform.
