Revealed: The property empires that make Charles and William millions
Nov 5, 2024
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Jonathan Calvert and George Arbuthnott, expert investigators from The Sunday Times, unveil the royal property empires of King Charles and Prince William. They reveal previously hidden details of the Duchies of Lancaster and Cornwall, including their significant rental income and the ethical dilemmas surrounding it. The discussion also tackles the impact of these estates on local communities, especially in the Tamar Valley, and raises concerns about transparency and sustainability in royal land operations. Tune in for an eye-opening exploration into royal finances!
The extensive property holdings of the Duchy of Lancaster and Cornwall reveal how royal estates generate substantial income through diverse means.
Concerns about royal profits from public services associated with historical land claims highlight ongoing debates over the ethics of royal finances.
Deep dives
Unveiling the Duchy Holdings
The Insight team uncovered a significant breakthrough by obtaining the previously undisclosed property holdings of the Duchy of Lancaster and the Duchy of Cornwall. Initially, a request for the Duchy of Cornwall yielded only nine properties, but after further challenges, the complete list revealed over 1,800 properties. This marked an unprecedented moment of transparency regarding royal finances, as it allowed for an examination of how these estates generate income on a grand scale. The detailed exploration of these holdings provided insights into the royal family's private wealth and the economic activities tied to their land ownership.
Revenue Streams and Public Impact
The duchies generate substantial income through various means, including property leases, mineral rights, and public service agreements. Notably, revenue is obtained from diverse sources like charges for access to land, including public facilities and infrastructure, which have sparked public concern. For instance, the Duchy charged the Ministry of Justice significant sums for the use of Dartmoor Prison, along with renovation costs, revealing the financial burden placed on public services. This approach has raised questions about the appropriateness of a royal family profiting from historical land claims at the expense of public resources.
Tax Status and Competitive Edge
The unique tax status of the Duchies of Lancaster and Cornwall, which allows them to avoid various taxes like corporation and capital gains tax, gives them a distinct advantage in the property market. This exemption enables them to operate like commercial landlords without the same financial constraints faced by private entities, allowing for significantly higher profits. Their operations include lucrative property deals and mining contracts, effectively transforming historically royal holdings into robust commercial endeavors. The implications of this arrangement have prompted calls for investigations into the ethics and future management of these estates, questioning their role in a modern economy.
An investigation by the Sunday Times’ Insight team has revealed for the first time the extensive property empires of the King and Prince of Wales. The information includes details of the Duchies of Lancaster and Cornwall’s business deals with the NHS, schools and military that help fund the royals.
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Guests:
Jonathan Calvert, Insight Editor, The Sunday Times.
George Arbuthnott, Insight Deputy Editor, The Sunday Times.