A recent investigation by Channel 4’s Dispatches in partnership with The Sunday Times has revealed new insights into the finances and private estates of King Charles and Prince William.
The investigation claims that their estates, the Duchies of Lancaster and Cornwall, have earned millions through deals with public bodies and charities, with future income expected to exceed £50 million.
The Duchy of Lancaster, a portfolio of land, properties, and assets across England and Wales, has served the sovereign since the 14th century. This estate includes valuable urban developments, historic sites, premium farmland, and areas of natural beauty.
Meanwhile, the Duchy of Cornwall, valued at over £1 billion, supports the heir to the throne. Although both estates are exempt from Corporation and Capital Gains Tax, both King Charles and Prince William choose to voluntarily pay income tax on their Duchy earnings.
Energy Efficiency Issues in Rented Properties
The investigation, conducted alongside the Mirror, also discovered that residential properties rented out by the Duchies often fail to meet government-mandated energy efficiency standards. Specifically, 14% of properties leased by the Duchy of Cornwall and 13% by the Duchy of Lancaster have a performance rating of F or G, falling below the legal minimum of an E rating since 2020.
In response, a Duchy of Lancaster spokesperson affirmed the estate’s compliance with UK laws and noted recent improvements, stating that over 87% of their properties now meet or exceed the E rating, with plans underway for further upgrades.
Revenue from Charities and Public Services
The Dispatches investigation claims that the Duchy of Cornwall has collected around £22 million since 2005 from rental income at Camelford House. Additionally, it reports that St. John’s Ambulance, for which King Charles is a patron, previously paid the Duchy nearly £60,000 for land use. It also claims that the Royal National Lifeboat Institution (RNLI) has been charged for slipway access in the South West.
The Duchy of Lancaster is reportedly earning £11.4 million under a deal with Guy’s and St. Thomas’ NHS Trust for the use of a Duchy-owned warehouse to store electric ambulances. Furthermore, William’s Duchy of Cornwall allegedly agreed to a £37 million, 25-year lease of Dartmoor Prison to the Ministry of Justice.
Controversial Environmental Deals
Despite their environmental advocacy, both Duchies have reportedly engaged in deals with mining companies. The Duchy of Cornwall is said to lease land to one of Europe’s largest polluters.
In response, a Duchy of Cornwall representative highlighted the estate’s commitment to sustainability, noting Prince William’s goal to make the estate net-zero by 2032 and initiatives to support tenant mental health and reduce homelessness in Cornwall.
