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Changes to the Duchy of Cornwall
The Duchy consists of around 54,424 hectares of land in 22 counties, mostly in the South West of England, and includes agricultural, residential and commercial property holdings.
It also has an investment portfolio. The Duchy estate was created in 1337 by HM King Edward III for his son and heir, Prince Edward, and its primary function was to provide him and future Princes of Wales with an income from its assets. A charter ruled that each future Duke of Cornwall would be the eldest surviving son of the Monarch and the heir to the throne.
This last rule has now been changed. The beneficiary of the Duchy is now the heir to the throne. He or she does not have to be the Duke of Cornwall.
Sovereign Grant Act: main provisions
Clause 9: Duchy of Cornwall income and grant to the heir to the throne
Clause 9 ensures that equivalent financial provision is made for heirs to the throne, whether Duke of Cornwall or not.
It provides that, if the heir is not the Duke of Cornwall and is over 18, the heir is given a grant equal to the Duchy revenues, unless Duchy revenues are more than the Sovereign Grant. The monarch would receive the Duchy revenues, and the Sovereign Grant would be reduced by an equal amount. In effect, the heir would receive the Duchy income.
If the Duke of Cornwall is a minor, 90% of the revenues of the Duchy would go to the monarch and the Sovereign Grant would be reduced by an equivalent amount.
Posted by Josette at 7:40 PM
Labels: Duchy of Cornwall, Royal family of the United Kingdom of Great-Britain and Northern Ireland, Royal News