King Charles and Prince William's private estates have been generating substantial sums of money annually, diverting millions from UK charities and public services, according to an investigation.
An investigation by The Sunday Times and Channel 4 delved into the Duchy of Lancaster and the Duchy of Cornwall, estates owned by the monarch and his eldest son. Channel 4 aired a documentary titled 'The King, the Prince & Their Secret Millions,' revealing shocking details about these tax-exempt estates. The Sunday Times subsequently published documentation supporting these findings.
Among the allegations, it was discovered that Charles and William's estates have been extracting millions from public bodies, including the National Health Service, state-funded schools, and the British Armed Forces. The Duchy of Lancaster, owned by the ailing sovereign, includes extensive land, properties, and assets across the UK, dating back to the 14th century. Similarly, the Duchy of Cornwall provides income for the heir to the throne, with the Prince of Wales inheriting the estate, valued at over $1 billion, when his father ascended the throne in September 2022. Both estates are exempt from paying corporation tax or capital gains tax.
The documentary claimed that William's estate has received over $28.5 million since 2005 from rent payments on Camelford House and a $78,000 payment from St John's Ambulance, a charity of which Charles is a patron. Additionally, the king's estate agreed to store a fleet of electric ambulances in its warehouses for $14.7 million over 15 years. William's estate also charged the British Navy $1.3 million since 2004 to build jetties and moor warships in Cornwall.
Other findings include royals charging fees for crossing rivers and running cables under beaches they own, as well as earning passive income from tolls, parking lots, and wind turbines. The investigation also highlighted clashes between William's estate and the values of his Earthshot Prize, a campaign focused on environmental preservation.
In response to the investigation, a Duchy of Cornwall spokesperson stated that the estate is a private entity with a commercial focus, committed to environmental restoration and social impact. Prince William, who became Duke of Cornwall in September 2022, has pledged significant investments to achieve net zero by 2032 and provide mental health support for tenants.
Earlier this year, William's $30 million salary from his Duchy of Cornwall estate was disclosed, raising questions as he broke his father's tradition of revealing tax payments.
Source link: https://nypost.com
