Synopsis
The Guardian’s report exposes King Charles III for allegedly diverting tens of millions intended for charity, using ancient laws governing “bona vacantia” assets from deceased individuals. Documents from his inherited estates reveal redirection of funds to upgrade commercial properties, contrary to pledges for charity. Despite tax exemptions, only 15% of over $1.6 billion amassed in six decades reached charities. These actions, condemned by acquaintances as “disgusting,” spotlight a pattern of profiting from archaic laws, prompting public outcry.
According to a new report released by the Guardian this week, it made some startling new rev, King Charles III stands accused of exploiting archaic feudal laws to divert substantial funds, estimated in tens of millions, from the estates of deceased Britons, originally intended for charity. The report unveils a pattern of diverting “bona vacantia” assets – funds from individuals who passed away without a will or identifiable heirs – into refurbishing commercial properties under the monarch’s possession.
Documents sourced from the Duchy of Lancaster, Charles’ extensive inherited estate, divulge a clandestine redirection of these funds towards upgrading properties leased out for profit. The practice, rooted in medieval “bona vacantia” laws, enables the duchy to inherit funds from those whose last known address belonged to Lancashire county palatine.
Operating similarly, the Duchy of Cornwall, now overseen by Prince William, has been implicated in utilizing the same system. Both duchies effectively function as expansive real estate entities, controlling diverse holdings including farmlands, hotels, castles, and prime London real estate, reported by the Guardian.
Despite amassing substantial earnings – totaling over $1.6 billion in six decades – neither duchy incurs corporation tax or capital gains tax. The pledge to direct these proceeds to charity seems largely unfulfilled, with a mere 15% finding its way to charitable causes over a decade, as per documents scrutinized by the Guardian.
Exploiting an expanded policy introduced in May 2020, the duchies can allocate “bona vacantia” earnings to repair and preserve properties deemed of historical importance. This includes renovations ranging from walls and foundations to electrical and insulation work across a significant portion of their property portfolios, as revealed by the Guardian’s investigation.
A spokesperson, while reaffirming the use of these funds for community support and property preservation, emphasized their allocation for the sustainability and historic preservation of buildings across the Duchy of Lancaster estates.
However, amidst claims of benefiting local communities, it’s disclosed that Charles has witnessed a surge in profits from his rental properties, a revenue deemed “private” by Buckingham Palace, largely originating from these ancient practices.
The Guardian’s findings highlight numerous cases where individuals’ assets were absorbed by King Charles, sparking dismay among acquaintances who found the actions “disgusting,” with one remarking that the deceased would be greatly disturbed by these revelations.
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