Does the Prince of Wales Have an Allowance?

Does the Prince of Wales Have an Allowance?

Answer

No, the Prince has the historic rights to the surplus monies from the estate of the Duchy of Cornwall as he is, additional to being Prince of Wales, the Duke of Cornwall.

The Duchy of Cornwall and the title ‘Duke of Cornwall’ is automatically given to whoever is the eldest surviving son (soon to be ‘child’) of the monarch and thus heir to the throne. The Duchy was created in 1337. The current Prince of Wales is the 24th Duke of Cornwall.

The Duchy of Cornwall Estate (131350 acres in 24 counties) produces a net surplus annually and this money is used by the Prince to meet his official and private commitments and those of his wife, the Duchess of Cornwall as well as his sons Princes William and Harry. He does not receive any monies from the government. Some of the revenue is also used to support the Prince’s charitable work. Although the income from the Estate is tax exempt, the Prince voluntarily pays tax on the revenues at the highest rate. Parliamentary legislation governs the activities of the Estate and in particular the rule that the investment portfolio must be run on a commercial basis. The Prince’s Council (chaired by the Prince of Wales) is responsible for overall guidance in the running of the Estate.

The Prince, in order to provide for future Dukes of Cornwall, must pass the Estate on either intact or in an improved state.

Read more: http://www.duchyofcornwall.org

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