Duchy of Lancaster, Duchy of Cornwall and The Royal Collection

Duchy of Lancaster, Duchy of Cornwall and The Royal Collection are listed as other sources of income that fund members of the royal family.

The following summary is taken from the Annual Report and Accounts 2018-19, printed 24 June 2019. © Crown copyright 2019

  1. Duchy of Lancaster
    Income from the Duchy of Lancaster forms part of The Queen’s Privy Purse income. The Privy Purse is a historical term used to describe The Queen’s private income and it is largely used to meet official expenditure incurred by Her Majesty and other members of the Royal Family which is not met by the Sovereign Grant, and is taxed to the extent that the income is not used for official purposes. Accounts for the Duchy of Lancaster are presented to both Houses of Parliament annually, copies of which are available online at www.duchyoflancaster.co.uk.”
  2. Duchy of Cornwall
    Income from the Duchy of Cornwall funds the private and official expenditure of The Prince of Wales and The Duchess of Cornwall and is taxed to the extent it is not used to meet official expenditure. The Prince of Wales also meets the official expenditure of The Duke and Duchess of Cambridge and The Duke and Duchess of Sussex out of this income. Accounts for the Duchy of Cornwall are presented to both Houses of Parliament annually, copies of which are available online at www.duchyofcornwall.org.”
  3. According to the Duchy of Cornwall website:

    What is the Duchy of Cornwall?
    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 and those of his family. The Duchy consists of around 53,000 hectares of land in 23 counties, mostly in the South West of England. The principal activity of the Duchy is the sustainable, commercial management of its land and properties. The Duchy also has a financial investment portfolio.

    Does the Duke of Cornwall pay tax on the income from the Duchy?
    Yes. Like everyone else, The Prince of Wales pays income tax including on his income from the Duchy of Cornwall.

  4. The Royal Collection
    The Royal Collection consists of works of art of all kinds and is held by The Queen as Sovereign in trust for Her successors and for the Nation. All costs of maintaining the Royal Collection are met by The Royal Collection Trust, a registered charity, from visitor admissions to the Occupied Royal Palaces and related activities. The Royal Collection Trust receives no funding from the Government. Over 7.9 million people saw items from the Royal Collection in royal palaces during 2018-19 and many more people saw items from the Royal Collection on loan to museums and galleries around the world. An annual report is published by The Royal Collection Trust, copies of which are available online at www.rct.uk.”
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