King Charles III has been accused of using ancient feudal laws to extract tens of millions of dollars earmarked for charity from the deaths of thousands of Britons to improve his property empire, according to an explosive Guardian report this week.
The king has reportedly been claiming and benefiting for years from assets known as “bona vacantia,” which are owned by people who died without a will or known relatives, to improve commercial rental properties, the outlet reported.
In the last 10 years, the monarch has reportedly raised more than $75 million in funds, despite her promises to donate all profits to charity.
However, documents obtained by The Guardian from the Duchy of Lancaster, Charles’s extensive lands and estates which he inherited from the late Elizabeth II, reveal that the money is secretly used to renovate properties he rents for profit.
Under the medieval practice of “bona vacantia” or “vacant estates,” the king’s duchy inherits funds from those whose last known address belonged to the county palatine of Lancashire and was ruled for centuries by a duke, according to The Guardian.
The duchy also gains assets owned by companies when they close.
The Duchy of Cornwall, which has passed to Prince William since Charles’s accession, also operates under this system.
King Charles III has been accused of using ancient feudal laws to seize tens of millions of dollars earmarked for charity to enhance his real estate empire, according to an explosive report this week.Getty Images
The two duchies operate as property empires, controlling swaths of farmland, hotels, castles, offices, warehouses, businesses and some elite London real estate, The Guardian reported.
None of the duchies pay corporation tax or capital gains taxes, despite generating more than $1.6 billion over the past six decades.
While the money is earmarked for charities, only 15% of the money has gone there in the past 10 years, according to documents reviewed by the outlet.
The rule was expanded in May 2020, sources told The Guardian, when the SA9 policy was introduced and outlined what “bona vacantia” money could be used for, including for the “public good” to repair and protect property of the duchy considered a “heritage asset”. ”or buildings of “local historical significance.”
The king has reportedly been claiming and benefiting for years from assets known as “bona vacantia,” which are owned by people who died without a will or without known relatives, to improve commercial rental properties.via REUTERS
The Guardian found that the duchy was allowed to spend its “bona vacantia” profits on around half of its property portfolio on certain repairs such as renovating walls, foundations, floors and fireplaces, as well as electrical and insulation work.
Among the properties being renovated are townhouses, holiday rentals, cottages and barns, including one used for pheasant and partridge shooting.
“The king reaffirmed that bona vacantia money should not benefit the private treasury, but should primarily be used to support local communities, protect the sustainability and biodiversity of the land, and preserve public and historic properties across the estates of the Duchy of Lancaster,” a spokesperson said. he told the outlet.
“This includes the restoration and repair of qualified buildings to protect and preserve them for future generations.”
Over the past 10 years, the monarch has reportedly raised more than $75 million in funds, despite promises to donate all profits to charity.via REUTERS
Charles has reaped the benefits of this ancient practice, and his rental properties have become more profitable, raking in tens of millions in profits from the duchy each year – income that Buckingham Palace has declared “private.”
The Guardian found dozens of examples of Britons whose money was gobbled up by King Charles under archaic law. Many of his friends found the action “disgusting”, and one of them said that his deceased friend “would turn in her grave if he knew.”
The royal declined to comment to the outlet about the report.
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Source: vtt.edu.vn