King Charles III has been accused of using ancient feudal laws to capture tens of millions of dollars meant for charity from the deaths of thousands of Britons to upgrade his property empire, according to a sweeping report from the Guardian this week.
The king has reportedly claimed and profited for years from assets known as “bona vacantia,” owned by people who died without a will or next of kin, to upgrade commercial properties for rent, the outlet reported.
In the past 10 years, the king has reportedly raised more than $75 million in funds – despite promising to donate all proceeds to charity.
However, documents obtained by the Guardian from The Duchy of Lancaster, Charles’ vast lands and estates inherited from the late Elizabeth II, reveal that the money was secretly used to renovate properties he rented out for profit.
Under the medieval practice of “bona vacantia,” or “empty goods,” royal duchies inherit funds from those whose last known addresses belong to the county Palatine of Lancashire and ruled for centuries by a duke, according to the Guardian.
Duchies also acquire assets owned by companies when they fold.
The Duchy of Cornwall, which has been handed to Prince William since Charles’ accession, also operates under the system.
King Charles III has been accused of using ancient feudal laws to capture tens of millions of dollars meant for charity to boost his property empire, according to sweeping reports this week.Getty Images
The two duchies operate as real estate empires, controlling tracts of farmland, hotels, palaces, offices, warehouses, businesses and some of London’s elite properties, the Guardian reported.
Neither duchy pays company tax or capital gains tax, despite generating more than $1.6 billion over the past six decades.
Although the money was intended to go to charity, only 15% of that money has been directed there over the past 10 years, according to documents reviewed by the outlet.
The rules were expanded in May 2020, sources told the Guardian, when policy SA9 was introduced and outlined the use of “bona vacantia” money – including for the “public good” to repair and protect duchy properties considered to be “heritage assets” or buildings of “local historical interest”. .”
The king has reportedly claimed and profited for years from assets known as “bona vacantia,” owned by people who died intestate or known next of kin, to upgrade commercial properties for rent. via REUTERS
The Guardian found that the duchy was allowed to burn its “bona vacantia” income on about half of its property portfolio for certain repairs such as wall, foundation, floor and chimney renovations as well as electrical and insulation work.
Among the properties that are improving are townhouses, vacation rentals, country cottages and sheds, including those used for pheasant and partridge shoots.
“The King insists that money from bona vacantia should not benefit the private purse, but should be used primarily to support local communities, protect the sustainability and biodiversity of the land and preserve public and historic properties across the Duchy of Lancaster estate,” a spokesperson told the outlet.
“This includes the restoration and repair of worthy buildings to protect and preserve them for future generations.”
In the past 10 years, the king has reportedly raised more than $75 million in funds — despite promising to donate all proceeds to charity. via REUTERS
Charles has benefited from this ancient practice, with his rental properties becoming more profitable, earning tens of millions in duchy profits each year — the proceeds of which Buckingham Palace has been declared “private.”
The Guardian found dozens of examples of Britons whose money was eaten by King Charles under the archaic law. Many of their friends found the act “disgusting”, with one saying their dead friend “would be turning in his grave if he knew.”
The royal family declined to comment to the outlet regarding the report.
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Source: thtrangdai.edu.vn/en/
