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Duchy of Cornwall
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Duchy of Cornwall
The Duchy of Cornwall (Cornish: Duketh Kernow) is one of two royal duchies in England, the other being the Duchy of Lancaster. The eldest son of the reigning British monarch obtains possession of the duchy and the title of Duke of Cornwall at birth or when his parent succeeds to the throne, but may not sell assets for personal benefit and has limited rights and income while a minor.
The current duke is William, Prince of Wales. When the monarch has no male children, the rights and responsibilities of the duchy revert to the Crown.
The Duchy Council, known as the Prince's Council, meets twice a year and is chaired by the duke. It is a non-executive body providing advice on management of the duchy. The duchy also exercises certain legal rights and privileges in Cornwall and the Isles of Scilly, including some that elsewhere in England belong to the Crown. The duke appoints several local officials and acts as port authority for the main harbour of the Isles of Scilly.
The government considers the duchy a Crown body and therefore exempt from corporation tax. This tax-exempt status has been challenged. From 1993 until his accession in 2022, Prince Charles voluntarily paid income tax on the duchy’s surplus after official expenditure. William has continued the practice, though unlike his father, he has not disclosed how much tax he pays.
The principal activity of the duchy is the management of its land holdings in England of 135,000 acres or 55,000 ha. This includes 7,571 ha or 18,710 acres of land in Cornwall itself which comprises 13% of the whole Duchy estate. Half of the estate is on Dartmoor in Devon, with other large holdings in Herefordshire, Somerset and almost all of the Isles of Scilly. The duchy also has a portfolio of financial investments.
The administration of the duchy is regulated by the Duchies of Lancaster and Cornwall (Accounts) Act 1838, which requires the Treasury's supervision and for the accounts to be presented to both Houses of Parliament.
The duchy has special legal rights, such as the rules on bona vacantia. This right to ownerless property operates in favour of the duchy rather than the Crown, such that the property of anyone who dies in the county of Cornwall without a will or identifiable heirs, and assets belonging to dissolved companies whose registered office was in Cornwall, pass to the duchy. In 2007, £130,000 was realised from the right of bona vacantia, and given to a charitable fund.
The duchy was created with the express purpose of providing income to the heir apparent to the throne; however, the terms of the original creation limit the title Duke of Cornwall to the eldest son of the monarch if, and only if, that son is also the heir-apparent; since 2015, the eldest child (regardless of sex) of the monarch would usually be the heir-apparent, but no change has been made to allow an eldest daughter to take the title Duchess of Cornwall. The Duke of Cornwall has the 'interest in possession' of the duchy's assets (such as estates) which means they enjoy its net income, do not have its outright ownership and do not have the right to sell capital assets for their own benefit.
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Duchy of Cornwall
The Duchy of Cornwall (Cornish: Duketh Kernow) is one of two royal duchies in England, the other being the Duchy of Lancaster. The eldest son of the reigning British monarch obtains possession of the duchy and the title of Duke of Cornwall at birth or when his parent succeeds to the throne, but may not sell assets for personal benefit and has limited rights and income while a minor.
The current duke is William, Prince of Wales. When the monarch has no male children, the rights and responsibilities of the duchy revert to the Crown.
The Duchy Council, known as the Prince's Council, meets twice a year and is chaired by the duke. It is a non-executive body providing advice on management of the duchy. The duchy also exercises certain legal rights and privileges in Cornwall and the Isles of Scilly, including some that elsewhere in England belong to the Crown. The duke appoints several local officials and acts as port authority for the main harbour of the Isles of Scilly.
The government considers the duchy a Crown body and therefore exempt from corporation tax. This tax-exempt status has been challenged. From 1993 until his accession in 2022, Prince Charles voluntarily paid income tax on the duchy’s surplus after official expenditure. William has continued the practice, though unlike his father, he has not disclosed how much tax he pays.
The principal activity of the duchy is the management of its land holdings in England of 135,000 acres or 55,000 ha. This includes 7,571 ha or 18,710 acres of land in Cornwall itself which comprises 13% of the whole Duchy estate. Half of the estate is on Dartmoor in Devon, with other large holdings in Herefordshire, Somerset and almost all of the Isles of Scilly. The duchy also has a portfolio of financial investments.
The administration of the duchy is regulated by the Duchies of Lancaster and Cornwall (Accounts) Act 1838, which requires the Treasury's supervision and for the accounts to be presented to both Houses of Parliament.
The duchy has special legal rights, such as the rules on bona vacantia. This right to ownerless property operates in favour of the duchy rather than the Crown, such that the property of anyone who dies in the county of Cornwall without a will or identifiable heirs, and assets belonging to dissolved companies whose registered office was in Cornwall, pass to the duchy. In 2007, £130,000 was realised from the right of bona vacantia, and given to a charitable fund.
The duchy was created with the express purpose of providing income to the heir apparent to the throne; however, the terms of the original creation limit the title Duke of Cornwall to the eldest son of the monarch if, and only if, that son is also the heir-apparent; since 2015, the eldest child (regardless of sex) of the monarch would usually be the heir-apparent, but no change has been made to allow an eldest daughter to take the title Duchess of Cornwall. The Duke of Cornwall has the 'interest in possession' of the duchy's assets (such as estates) which means they enjoy its net income, do not have its outright ownership and do not have the right to sell capital assets for their own benefit.
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