FAQs
What is the Duchy of Cornwall?
The Duchy of Cornwall is a landed estate committed to empowering communities, championing its tenants, supporting mental health, and tackling climate challenges through its net zero goal and environmental initiatives.
Who is the Duke of Cornwall?
HRH Prince William, The Prince of Wales, became the 25th Duke of Cornwall on his father’s (HM King Charles III) accession to the throne in 2022.
Who manages the Duchy?
Dukes of Cornwall have traditionally managed their own estates. Prince William became Duke of Cornwall in September 2022 and since then has committed to an expansive transformation of the Duchy. This includes a significant investment to make the estate net zero by the end of 2032, as well as establishing targeted mental health support for our tenants and working with local partners to help tackle homelessness in Cornwall.
The Duchies of Lancaster and Cornwall (Accounts) Act 1838 gave the Treasury a role to ensure that actions taken by any Duke when managing the Duchy cannot compromise the long-term value of the estate. For this reason the Treasury must, for example, approve all property transactions with a value of £500,000 or more. The Duchy’s annual accounts are laid before the House of Commons and the House of Lords so that Parliament can be satisfied that the Treasury is fulfilling its statutory responsibilities.
The 'board' of the Duchy is The Prince's Council, which meets four times a year and is chaired by His Royal Highness. With the exception of the Secretary and Keeper of the Records, The Prince's Council is a non-executive body which provides advice to His Royal Highness with regard to the management of the Duchy.
The Duchies of Lancaster and Cornwall (Accounts) Act 1838 gave the Treasury a role to ensure that actions taken by any Duke when managing the Duchy cannot compromise the long-term value of the estate. For this reason the Treasury must, for example, approve all property transactions with a value of £500,000 or more. The Duchy’s annual accounts are laid before the House of Commons and the House of Lords so that Parliament can be satisfied that the Treasury is fulfilling its statutory responsibilities.
The 'board' of the Duchy is The Prince's Council, which meets four times a year and is chaired by His Royal Highness. With the exception of the Secretary and Keeper of the Records, The Prince's Council is a non-executive body which provides advice to His Royal Highness with regard to the management of the Duchy.
Is HM King Charles involved in running the Duchy?
HM King Charles III, the 24th Duke of Cornwall was the longest-serving Duke of Cornwall between 1969 - 2022.
In 2022, upon the accession to the throne, HRH Prince William has now taken over full responsibility for the estate leadership as the 25th Duke of Cornwall.
In 2022, upon the accession to the throne, HRH Prince William has now taken over full responsibility for the estate leadership as the 25th Duke of Cornwall.
What happens when there is no Duke?
When there is no heir, the Duchy reverts to the Sovereign, and the annual Sovereign Grant is reduced annually by the amount of the Duchy’s income.
Who will be the next Duke of Cornwall?
The Duchy’s 1337 charter established that The Duke of Cornwall is the eldest surviving son of the Sovereign and the Heir to The Throne. When the current Prince of Wales accedes to the throne in the future, HRH Prince George will become Duke of Cornwall.
Does the Duchy own all of Cornwall?
No. The Duchy owns just over 18,500 acres of land in Cornwall, which is around 13 per cent of the overall Duchy estate.
Is the Duchy of Cornwall the same as the Duchy of Lancaster?
No. While the two Duchies have similarities, the management and control of the Duchy of Cornwall is entirely separate to that of the Duchy of Lancaster. The Duchy of Lancaster’s main purpose is to provide income for the Sovereign as Duke of Lancaster.
How is the financial security of the Duchy protected?
Under the 1337 charter, The Prince of Wales is not entitled to the proceeds or profit on the sale of capital assets and only receives the annual income which they generate, which is voluntarily subject to income tax.
To ensure that the estate is protected effectively, and for the benefit of future generations, the Duchy’s ‘trust provisions’ have, over the years, been set in legislation, with the financial security of the Duchy overseen by HM Treasury. For example, all property transactions with a value of £500,000 or more are approved by the Treasury.
To ensure that the estate is protected effectively, and for the benefit of future generations, the Duchy’s ‘trust provisions’ have, over the years, been set in legislation, with the financial security of the Duchy overseen by HM Treasury. For example, all property transactions with a value of £500,000 or more are approved by the Treasury.
Why isn’t the Duchy of Cornwall audited by the National Audit Office?
The Duchy of Cornwall is not audited by the National Audit Office because it is a private estate rather than a publicly owned entity. It is, however, audited by independent external auditors.
Does The Duke of Cornwall pay tax on the income from the Duchy?
Yes. The Prince of Wales pays income tax including on his income from the Duchy of Cornwall. This is not a requirement but something His Royal Highness chooses to do voluntarily.
Does the Duchy pay corporation tax?
The Duchy of Cornwall estate is not a corporation and therefore not subject to Corporation tax. However, The Prince does pays income tax on the Duchy’s surplus. If the Duchy also paid corporation tax, the Prince would effectively be taxed twice on the same income.
Does the Duke or Duchy of Cornwall pay capital gains tax?
The Prince pays capital gains tax but not in respect of the Duchy of Cornwall because he does not receive the capital gains (as he is not entitled to the capital assets). Although the Duchy is exempt from capital gains tax, the Duchy’s capital gains have to be reinvested in the business and cannot be distributed.
What is the role of the Treasury in relationship to the management of the estate?
The Treasury only has a very specific remit. Under the Duchy of Cornwall Management Acts the Treasury must seek to ensure that the estate's capital is protected for future generations. The Treasury role and the management of this role is explained within the attached Memorandum of Understanding.
Where does the Duchy’s surplus go?
The revenues from the estate are passed to HRH The Prince of Wales and Duke of Cornwall, who chooses to use them to fund his public, charitable and private activities.
Why is The Prince of Wales asked for his approval on various Government bills?
It is a long established convention that The Prince, as Duke of Cornwall, is asked by Parliament to provide consent to those bills which Parliament has decided would affect Duchy of Cornwall interests. The same process is followed with regards to The King providing consent to bills that would affect Crown interests. In modern times, neither The Sovereign nor The Duke of Cornwall has ever refused to consent to any bill affecting Crown or Duchy of Cornwall interests. Every instance of The Prince’s consent having been sought and given to legislation is a matter of public record.