Whether you love it or hate it, there’s one thing we can all agree with, the British Crown has historically profited from plundering and stealing other people’s goods instead of actually doing some work (and no, making public appearances isn’t working precisely). King Charles III‘s ruling ain’t different, and the ‘bona vacantia‘ is only one of how the monarchy profits from its citizens.
Bona vacantia has historically been a way in which the Royal Family collects goods from dead people. Although it’s existed for centuries, only recently more information as to where this money really goes has been revealed, and people are furious with King Charles III. Claiming that the monarch is profiting from the passing of his citizens is a serious accusation, especially if this money is being used for commercial purposes. But first things first.
What Is Bona Vacantia?
Since the Middle Ages, the Crown instated the “bona vacantia,” which is Latin for “vacant goods,” that is the assets that have no owner. Ever since the monarchy dictated that all the land of England belonged to the throne; so, when a person passed without a will or heirs, their assets automatically returned to the Crown.
This changed in the 19th century, when this unspoken rule was revoked… well, everywhere but the duchies of Lancaster and Cornwall, who kept the tradition bona vacantia. To do so, both duchies decided to formalize bona vacantia in 1925 into law. The British Parliament passed an act on the administration of wills that authorized the Crown to legally take these assets.
In the rest of England and Wales, these assets are automatically transferred to the Treasury, which uses the money on public services; however, that’s not precisely the case in Lancaster and Cornwall, duchies that you might recognize because their heads are the King and the heir to the throne, that is King Charles and Prince William respectively.
The purpose of these duchies is explicitly to generate “private” income for the king and his heir. Queen Elizabeth received a private income from Lancaster and Charles from Cornwall before his accession. Here’s the trick, since this income is private, William and Charles aren’t obliged to deduct and explain where the money goes. But more importantly, neither duchy is obliged to pay corporation tax or capital gains tax, which makes it extremely profitable. It’s estimated that both duchies have generated over 1.2 billion pounds in profits in the past six decades.
With bona vacantia, the Crown has collected over 60 million pounds in the last decade. Now, the institution has said that these profits are donated to charities, but recent information has proven that this is not the case, or at least not entirely.
How the King Is Personally Profiting from This?
As mentioned, the duchies of Lancaster and Cornwall claim that after deductions, all the money is donated to the several charities the royals endorse. The Duchy of Lancaster’s official website claims that these proceeds go to three registered charities. However, according to an investigation made by The Guardian, only 15% of those 60 million pounds have actually been donated. So, where did the money go?
According to the investigation, this money was secretly used to renovate several properties owned by King Charles, which are rented for very high prices. Among the properties renovated from the funds are townhouses turned into luxurious residencies, cottages, holiday lets, agricultural buildings, petro stations, and barns transformed into commercial offices.
Buckingham Palace, the King’s formal communication team has declined to comment on The Guardian’s investigation. However, a spokesperson of the Duchy of Lancaster did say that after Queen Elizabeth’s passing, King Charles endorsed the continuation of the policy that allowed the use of bona vacantia to restore buildings in the territory, and why wouldn’t he, if this represents millions for him!
