King Charles III is benefiting from the inheritance of thousands of people in northwest England, according to a report in a British newspaper. Typically, real estate, money and other assets go to the State in cases where people die without a will or heirs. However, in the historic duchies of Lancaster and Cornwall, which are traditionally privately owned by the Crown, administrators of royal estates are granted “bona vacantia”, meaning abandoned property.
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The Guardian recently wrote that this revenue would also be used to renovate and rent properties in the Duchy of Lancaster, which is personally owned by the king. Critics described the regulation as archaic.
Following the publication of the article, the Lancaster administration announced that it would invest more than 100 million pounds (115 million euros) in investment funds that also focus on ethical aspects. The anti-monarchy organization Republic spoke of an “admission of unethical investments”. At the same time, the Republic criticized: “But they will still invest money that will be taken from the dead and spent as Charles wishes.”
According to the Guardian, the duchy had not previously disclosed whether its charities had invested in oil or gas, tobacco, arms or mining companies. However, there is now no evidence that the use of “bona vacantia” titles will be changed, the newspaper reported over the weekend.
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The Duchy of Lancaster is considered the king’s biggest source of income and has grown to well over £20 million in recent years. The estate includes some of London’s most famous addresses, as well as properties in England and Wales.
“Bizarre Remnant”
The Mayor of the Greater Manchester Region, Andy Burnham, called the “bona vacantia” government in the Duchy of Lancaster “a bizarre remnant of feudal Britain”. Your colleague from the Liverpool City area, Steve Rotheram, asked for clarification and transparency. “Good causes have been ignored and instead it appears that money has been spent on renovating royal properties,” criticized Rotheram.
Also the Duchy of Cornwall, which traditionally belongs to the heir to the throne – the eldest son of Charles Prince William – it is managed, benefits from “bona vacantia” titles. However, this duchy has been pursuing an ethical investment strategy for a long time. Neither dukedom has to pay corporation or capital gains tax.