A new documentary sheds light on the Royal Family's finances, disclosing rent and income from contracts with public institutions such as the NHS, schools, and the armed forces. Channel 4's
Dispatches, in collaboration with The Sunday Times, reports that the private estates of King Charles and Prince William have received millions of pounds through these contracts.
Over the past year, arrangements with the Duchies of Lancaster and Cornwall have generated nearly £50 million, according to the investigation. The Duchy of Lancaster, the private estate of King Charles, stated that it "complies with all relevant UK legislation and regulatory standards applicable to its range of business activities."
The Duchy of Lancaster, established in 1399, and Prince William's Duchy of Cornwall, created in 1337, manage extensive land and commercial properties in England and Wales. Their contracts include a £37 million agreement between the Duchy of Cornwall and the Ministry of Justice for leasing Dartmoor Prison, and an £11.4 million deal with Guy’s and St Thomas’ NHS Trust for a London warehouse to store ambulances over a 15-year term.
These estates are not required to pay corporation tax, and the Royal Family is exempt from capital gains tax on asset sales. However, they voluntarily pay income tax on surplus earnings. The Dispatches documentary, The King, The Prince, and Their Secret Millions, claims that the financial details of these rental agreements have not been disclosed to Parliament.
Concerns have also been raised over the environmental impact of certain contracts, including those related to mining activities on estate lands. The Duchy of Cornwall stated that it operates as a "private estate with a commercial imperative," balancing profitability with commitments to environmental conservation and social impact. On mining issues, the Duchy asserted it adheres to sustainable practices aligned with the government’s industrial strategy.
A spokesperson for the Duchy of Lancaster explained that it functions as a commercial enterprise, overseeing a broad range of properties across England and Wales. While King Charles takes an active interest, the Duchy Council and executive team handle day-to-day management.
These private estates differ from the Crown Estate, whose profits benefit the Treasury and help determine the government’s financial support to the Royal Family through the Sovereign Grant. Due to rising Crown Estate profits, the taxpayer-funded Sovereign Grant will increase to £132 million next year.
The Duchy of Lancaster emphasized its focus on sustainable operations, reporting "key environmental improvements" in recent years. Photo by John Fielding, Wikimedia commons.
