Duchy of Cornwall
Royal land and property estate that provides the Prince of Wales's income; created in 1337.
- Entries
- 12
- On the record
- 1
- Stories
- 1
- Latest entry
- May 17, 2026
The record
The Duchy of Cornwall is a private estate created in 1337 by Edward III to provide an income for his son, Prince Edward, and under its charter for each eldest surviving son of the sovereign who is heir to the throne. The Duke receives the estate's annual income but not its capital or the proceeds of selling it. Prince William became the 25th Duke in September 2022, when his father, the 24th Duke, became King Charles III.
Its oversight runs through statute rather than a regulator. The Duchies of Lancaster and Cornwall (Accounts) Act 1838 gave the Treasury its role, the Duchy of Cornwall Management Act 1982 sets rules on investment, leases, banking and audit, and the accounts are laid before both Houses of Parliament. The Duchy says it is not a corporation and so pays no corporation tax; the Duke pays income tax on the surplus voluntarily, and independent auditors, not the National Audit Office, audit it.
The Duchy's annual reports give the scale of the estate and the payout. Its 2023 report described 52,430 hectares of land and 2,830 hectares of woodland across 21 counties; its 2026 report gave over 51,800 hectares in 19 counties of England and Wales. The distributable surplus passed to the Duke was £24 million for 2022-23, £23.6 million for 2023-24, £22.9 million for 2024-25 and £21.6 million for 2025-26, which the 2026 report called a second successive fall.
Roles and honours on the record
- 1337-present Private estate providing an income to the Duke of Cornwall, the sovereign's eldest surviving son and heir to the throne source
- 1952-2022 Held by Charles III as the 24th Duke of Cornwall; he chaired his first Prince's Council meeting in 1969, at 21 source
- 2022-present Held by Prince William as the 25th Duke of Cornwall and Chairman of the Prince's Council source
- as of 2026 Overseen by HM Treasury, which approves substantial property transactions; employs more than 200 people across eight offices source
Every entry, newest first
- Reported
The Times reported the Duchy plans to sell about a fifth of the estate over ten years and invest £500 million. Duchy of Cornwall paid Prince William £22.9M, Telegraph says
- Reported
Telegraph reported the Duchy waived rents worth over £10,000 a year for lifeboat stations, village halls and playing fields. Duchy of Cornwall paid Prince William £22.9M, Telegraph says
- Ruled
First-tier Tribunal found the Duchy is a public authority under the Environmental Information Regulations 2004 in the Bruton appeal. Duchy of Cornwall paid Prince William £22.9M, Telegraph says
Stories in this file
The record, entry by entry
- 1337 Official Edward III created the Duchy to provide an income for his son, Prince Edward. The estate was established under the Great Charter of 1337. Duchy of Cornwall, Integrated Annual Report 2023
- 1838 Official The Duchies of Lancaster and Cornwall (Accounts) Act 1838 gave the Treasury its role in the Duchy's affairs, according to the Duchy. Duchy of Cornwall, FAQs
- 1952 Official Charles took the title of Duke of Cornwall on the accession of his mother, Elizabeth II. He chaired his first Prince's Council meeting in 1969, at the age of 21. Duchy of Cornwall, Integrated Annual Report 2023
- 1982 Official Parliament passed the Duchy of Cornwall Management Act 1982, covering powers of investment, land purchases, leases, banking, Treasury authorization of transactions, and accounts and audit. legislation.gov.uk, Duchy of Cornwall Management Act 1982
- 2013-07-01 Official Responding to an edition of the Dispatches program broadcast that day, the Duchy said it is a private landed estate, not a public body. It said the then Prince of Wales paid income tax voluntarily on its surplus at the 50 percent rate for 2012-13, a total of £4.4 million including an element of VAT. Royal Household, Duchy of Cornwall statement on the Dispatches program
- 2022-09-08 Official On the death of Elizabeth II and the accession of Charles III, Prince William became the 25th Duke of Cornwall and Chairman of the Prince's Council. Duchy of Cornwall, Integrated Annual Report 2023
- 2023 Official For the year to March 31, 2023, the Duchy reported a distributable surplus of £24 million, up from £23 million, net assets of £1,075 million and an estate of 52,430 hectares of land and 2,830 hectares of woodland in 21 counties. Duchy of Cornwall, Integrated Annual Report 2023
- 2025 Official For the year to March 31, 2025, the distributable surplus was £22.9 million, down from £23.6 million, with net assets of £1,109 million and an estate of 52,173 hectares in 19 counties. Duchy of Cornwall, Integrated Impact Report 2025
- 2026 Official For the year to March 31, 2026, the surplus distributable to the Duke fell for a second year, to £21.6 million, as operating costs rose 15 percent to £22.8 million. The Duchy raised £30.4 million from property sales and committed £500 million over the next decade to invest in its communities. Duchy of Cornwall, Integrated Impact Report 2026
Documents
- Duchy of Cornwall, Integrated Impact Report 2026 (year to March 31, 2026)
- Duchy of Cornwall, Integrated Impact Report 2025 (year to March 31, 2025)
- Duchy of Cornwall, Integrated Annual Report 2023 (year to March 31, 2023)
- Duchy of Cornwall Management Act 1982
- Duchy of Cornwall, FAQs on income, tax and Treasury oversight
- Duchy of Cornwall statement on the Dispatches program (July 2013)