King Charles III announced on Friday that Prince William – his eldest son – will become the heir apparent as he ascends the throne following the death of Queen Elizabeth II. As a result, William will become the new Prince of Wales and also replace his father as the Duke of Cornwall.
Along with the titles, William will also inherit the Duchy of Cornwall – an estate which owns around 128,000 acres of land across the country. According to The Guardian, the estate has properties in 20 counties of the United Kingdom and was one of the major sources of income for King Charles III.
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The properties include farmlands, homes, mineral mining grounds and even the Oval cricket ground in London. The Duchy was last valued at around £1bn at the end of March and thanks to the inheritance, William will soon become the most significant landowner in the entire country.
The duchy was established way back in 1337 when Edward III wanted to ensure financial independence for his son – Prince Edward. According to the agreement of the duchy, the estate will be passed on to every Duke of Cornwall in order to ensure that the tradition lives on.
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When it comes to taxation, King Charles III voluntarily paid a 45 per cent income tax on all the money that was earned through the duchy. Last year, the tax amounted to around £23m.
However, as the duchy is not a company, it has always been exempted from corporation tax, or capital gains tax.
