King Charles III secretly profiting from dead citizens' assets

By Al Mayadeen English
Source: The Guardian
24 Nov 2023 15:08

A report by the Guardian revealed that King Charles has been profiting off deceased residents whose assets are being used discretely to enhance a commercial property empire owned by his estate.

Britain's King Charles III speaks during the State Opening of Parliament at the Palace of Westminster in London, Tuesday, Nov. 7, 2023. (AP)

King Charles has been profiting off deceased residents whose assets are being used discretely to enhance a commercial property empire owned by his estate, a report by The Guardian revealed.

King Charles has been thriving off money collected by the Duchy of Lancaster, benefiting from a sum of over 60 million pounds under policies dating back to feudal times. Monetary policy states that funds from bona vacantia, the Latin term for financial assets of deceased owners, should be donated to charities after cost deductions. However, it was revealed that only 15% of the revenue is actually donated.

An internal duchy policy labeled "SA9" stated that bona vacantia sums can be utilized for renovations that preserve historic buildings for future generations. "The king," the duchy spokesperson said, "reaffirms that funds from bona vacantia should not benefit the privy purse (the King's personal income)." However, the policy itself recognizes that profits generated by bona vacantia are directed to the King's personal income. The funds, in return, are used to renovate Royal property in the duchy, increasing rent and growing the King's fortune, three sources familiar with duchy disbursement policies admitted.

The policy also extends to the Duchy of Cornwell, previously owned by King Charles, who has recently allocated it to his son Prince William. Both duchies are exempt from paying taxes, an exception that accumulates additional revenue estimated at approximately 1.2 billion pounds over the past 6 decades.

'Not ethical', 'disgusting', and 'shocking'

Surviving friends of the deceased have publically criticized King Charles' scheme, calling it "not ethical", "disgusting", and "shocking".

Regardless, King Charles acknowledges his gains and has reinforced the policy, which can only be officiated by Royal signature, first signed by Queen Elizabeth and later restamped by him personally.

The duchy includes an impressive 45,000 acres of land, in which bona vacantia assets, now directly owned by the British Treasury, get upgraded and refined, while some assets are excluded from renovations and inhabitants continue to live in run-down properties.