Pirate FM News

Keep up to date with the latest news delivered direct to your Inbox.

Duke of Cornwall Title Could One Day Be Female

charles
Submit this page to redditDelicious

7:11am 5th November 2013
(Updated 7:11am 5th November 2013)

One day we could have a female Duke of Cornwall.

A powerful committee of MPs says it is ridiculous a woman ca not inherit the title.

It is traditionally given to the heir to the throne and has been since the fourteenth century.

The Public Accounts Committee (PAC) warned that the institution is not keeping pace with constitutional changes: "The Duchy would benefit from being brought into the present-day to allow a female heir to the British Crown to bear the title 'Duke of Cornwall'."

Meanwhile, the Duchy of Cornwall does not possess a "competitive advantage" over other businesses despite being exempt from hefty taxes, a spokesperson for Prince Charles' estate has told Sky News.

The comments come as the Public Accounts Committee (PAC) today publishes its report on the accounts of the 700-year-old Duchy of Cornwall estate.

Under the Duchy, established in 1337 by King Edward III, the heir to the throne is exempt from paying corporation and capital gains taxes on land and property transactions.

But while the current Duke of Cornwall, Prince Charles, is technically exempt from paying income tax, he has volunteered to do so since 1993.

The Duchy spokesperson told Sky News: "We do not believe we have a competitive advantage.

"The Duke of Cornwall's income is taxed at income tax rates. The Duchy is not subject to corporation tax and the Duchy is not a corporation... any capital gains have to be reinvested in the business and cannot be distributed."

But the PAC's Margaret Hodge MP wonders whether the Duchy's unique tax arrangements allow for a level playing field when the estate stands alongside other businesses.

She said: "If you're letting property to a Holiday Inn in Reading or to Waitrose to run a big depot on an industrial estate, are the terms of that enabling other competitors in that market to compete on an equal and level playing field?

"What started off 700 years ago as a medieval estate, today demonstrates all the features of a modern big corporation, yet it hangs on to old habits such as exemption from corporation tax."

The Duchy’s main activity is the management of land and properties which make up its estate, providing an income for the present and future Dukes of Cornwall.

Its portfolio is made up of 131,000 acres of land, properties spread across 24 counties and more than 3,500 individual lettings.

All together over the last financial year it generated £28.8m and the Prince received an income of £19m, up 4% on the previous year.

The money is partly used to fund his and his family's public, charitable and official duties and the Prince voluntarily pays income tax on the cash left after costs, around £9.2m last year, according to the PAC.

Margaret Hodge believes the Treasury falls short of proper scrutiny when it comes to the Duchy's finances.

She said: "It [The Treasury] relies on the Duchy to provide it with accurate information without carrying out its own independent checks.

"Details of the Treasury's approvals for the Duchy's proposed land transactions over £500,000, of which there are around 15 a year, are not published.

"Greater transparency is needed."

In answer to the PAC findings, the Treasury said: "HM Treasury's role is to ensure that the Duchy of Cornwall is managed in a sustainable way and that the strategic choices made by the estate's managers are in its long-term interests and those of current and future dukes.

"The Treasury has a constructive working relationship with the Duchy, and challenges decisions where appropriate."

7:11am 5th November 2013

Share This Story

Submit this page to redditDelicious
Suggested articles
floating classroom Helford River Children's Sailing Trust

How Cornwall could get a 'floating classroom'

A charity is urging people to vote - to secure funding

recycling

Cornwall could get rubbish collections once a fortnight

Consultation on council tax hike also agreed

Most read
storm waves 2

UPDATE: Wind warning for the whole of Cornwall

Attraction shut and major event postponed

enys road camborne robbery

Woman 'attacked by gang' in Camborne

She was grabbed from behind and robbed

Top articles

Woman 'attacked by gang' in Camborne

Cornwall News: She was grabbed from behind and robbed

Pirate FM Cornwall News Update - 7th January 2016

Cornwall Video News: Officials say they’re holding talks to find new jobs for hundreds of workers in Bodmin.

German men arrested after violent brawl in Liverpool city centre

National News: More than 20 German men have been arrested over a violent brawl which broke out in Liverpool in which one man was critically injured.

UPDATE: Body found on popular Cornish beach

Cornwall News: Police say death at Watergate Bay 'isn't suspicious'

East 17 singer Brian Harvey arrested over 'malicious tweet'

Showbiz News: Former East 17 band member Brian Harvey has been arrested over claims he sent malicious tweets.

Sweden warns UK not to emulate Norway border post-Brexit

World News: Sweden's Europe minister has poured cold water on the idea of the UK enjoying "frictionless trade" after Brexit.

LA Chargers beat Dallas Cowboys on Thanksgiving Day

Sports News: The red-hot Los Angeles Chargers continued their recent winning ways as they dominated the Dallas Cowboys at AT&T Stadium - a result that moves both teams to 5-6, but it's clear the Chargers are the team on the way up.

Dozens of polar bears pictured eating whale carcass on Russian island

Strange News: Experts are "gobsmacked" after dozens of polar bears were photographed eating the carcass of a bowhead whale which washed ashore on a Russian island in the Arctic.

Newer article

£4m Cost of Missed Hospital Appointments

Cornwall News: 100 patients a day won't turn up to Treliske this month - so hospital is launching free text reminder service

Older article

3,000 Cornish Workers Could Get Pay Rise

Cornwall News: Cornwall Council considering introducing "living wage" for staff

Pirate Extra Pirate 70s Escape LoveCornwall