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A statement from The Duchy of Cornwall in relation to the Dispatches programme broadcast on 1st July 2013

1st July 2013

The following is a statement from The Duchy of Cornwall in response to the broadcast on 1st July 2013 of an edition of the Dispatches programme relating to some aspects of The Duchy.

A Duchy of Cornwall spokesperson said:

“The Duchy of Cornwall is a private landed estate.  It is not a public body, nor is it funded by the taxpayer.

“The primary function of The Duchy is to provide an income for the present Duke of Cornwall while ensuring that the value of the Duchy’s capital is maintained for future Dukes of Cornwall.  The financial performance and the quality and condition of the estate as a whole have thrived under the current Duke of Cornwall.

“The Prince of Wales chooses to use his income from the Duchy, rather than public money, to cover the great majority of the cost of the public duties of both himself and The Duchess of Cornwall, as well as The Duke and Duchess of Cambridge and Prince Harry.

“The Prince pays Income Tax voluntarily on the surplus of the Duchy of Cornwall at the highest rate, which was 50 per cent in 2012-13, resulting in a total of £4.4million (including an element of VAT). The Duchy is not a company and is not therefore liable to pay corporation tax and The Prince is not entitled to receive any capital gains from the Duchy, and therefore does not pay Capital Gains Tax. “