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:
“In the Greek cities, it was reckoned profane, that any person should pretend a property in a work of art, which belonged to all who could behold it.”
—Ralph Waldo Emerson (1803–1882)
“If property had simply pleasures, we could stand it; but its duties make it unbearable. In the interest of the rich we must get rid of it.”
—Oscar Wilde (1854–1900)
“You and I ... are convinced of the fact that if our Government in Washington and in a majority of the States should revert to the control of those who frankly put property ahead of human beings instead of working for human beings under a system of government which recognizes property, the nation as a whole would again be in a bad situation.”
—Franklin D. Roosevelt (1882–1945)