The Duchy of Cornwall is a well-managed private estate, which was established by Edward III in 1337. 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.

The Duchy consists of around 52 hectares of land in 20 counties, mostly in the South West of England. The principal activity of the Duchy is the sustainable, commercial management of its land and properties.

HRH 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 and the demise of his grandmother Queen Elizabeth II.

Dukes of Cornwall have traditionally managed their own estates. The current 25th Duke has been actively involved with the estate for a number of years. In 2022, HRH Prince William became Duke of 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.

HM King Charles III was Duke of Cornwall from 1952 to over running the estate when he was 21, in 1969. In 2022, he celebrated 70 years as Duke of Cornwall, making His Majesty the longest-serving Duke of Cornwall in the estate's history. Over the last few years, HRH Prince William, the current Prince of Wales, had worked with his father managing the estate.

On the passing of HM Queen Elizabeth II and the accession of HM King Charles III in 2022, HRH Prince William has now taken over full responsibility for the estate leadership.

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.

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.

No. The Duchy owns circa 7,500 hectares of land in Cornwall, which is around 13 per cent of the overall Duchy estate.

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.

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.

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.

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.

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.

Only companies pay corporation tax; many other large organisations which are not companies pay income 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.

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.

Since 1337, the revenues from the Duchy have either passed to an eldest surviving son and heir or where there has not been one, the Sovereign. These revenues can be spent as the Heir or Sovereign see fit. However, the current Prince of Wales chooses to use a substantial proportion of his income from the Duchy estate to meet the cost of his public and charitable work as well as the public and private lives of his immediate family.

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.