Duchy of Cornwall

The Duchy of Cornwall (Cornish: Duketh Kernow) is one of two royal duchies in England, the other being the Duchy of Lancaster. The eldest son of the reigning British monarch obtains possession of the duchy and the title of Duke of Cornwall at birth or when his parent succeeds to the throne, but may not sell assets for personal benefit and has limited rights and income while a minor.

The current duke is William, Prince of Wales. When the monarch has no (legitimate) male children, the rights and responsibilities of the duchy revert to the Crown.

The Duchy Council, known as the Prince's Council, meets semiannually and is chaired by the Duke. It is a non-executive body providing advice on management of the duchy. The duchy also exercises certain legal rights and privileges in Cornwall and the Isles of Scilly, including some that elsewhere in England belong to the Crown. The duke appoints several local officials and acts as port authority for the main harbour of the Isles of Scilly.

The government considers the duchy a Crown body and therefore exempt from corporation tax. This tax-exempt status has been challenged. From 1993 onward, the then-Prince of Wales voluntarily paid income tax on the duchy’s surplus after official expenditure. William has continued the practice, though unlike his father, he has not disclosed how much tax he pays.