By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: King Charles secretly profits off assets of dead Brits using olden days law, new report finds
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > News > King Charles secretly profits off assets of dead Brits using olden days law, new report finds
News

King Charles secretly profits off assets of dead Brits using olden days law, new report finds

new5nuke
Last updated: November 27, 2023 12:57 am
new5nuke 2 years ago
Share
SHARE

The British king, King Charles III has been accused of using ancient feudal laws to collect tens of millions of dollars intended for charity from the deaths of thousands of Brits to upgrade his real estate empire, according to a bombshell report from the Guardian.

The outlet reported that the king has reportedly been claiming and profiting for years off assets known as “bona vacantia,” which are owned by people who died without a will or known next of kin, in order to upgrade commercial properties for rent.

In the past 10 years, the monarch has reportedly collected more than $75 million in the funds despite pledges to donate all proceeds to charity.

Documents obtained by the Guardian from The Duchy of Lancaster, Charles’ extensive land and property estate he inherited from the late Elizabeth II, reveal that the money is secretly being used to renovate the properties that he rents out for profit.

Under the medieval practice of “bona vacantia,” or “vacant goods,” the king’s duchy inherits funds from those whose last known address belonged to Lancashire county palatine and ruled for centuries by a duke, according to the report.

READ MORE  45 are charged with terrorism in Kosovo following an incident in 2023.

The duchy also obtains assets owned by companies when they fold.

The Duchy of Cornwall, which has been passed on to Prince William since Charles’ ascension, also operates under the system.

The two duchies operate as real estate empires, controlling tracts of farmland, hotels, castles, offices, warehouses, businesses and some of London’s elite real estate, the Guardian reported.

Neither duchy pays corporation tax or capital gains tax, despite generating more than $1.6 billion over the last six decades.

While the money is intended to go to charities, only 15% of the monies have been directed there over the past 10 years, according to documents reviewed by the outlet.

The Guardian found that the duchy was permitted to burn its “bona vacantia” earnings on roughly half of its property portfolio on certain repairs like renovating walls, foundations, floors and chimneys as well as electrical and insulation work.

Among the properties getting prifutted from are town homes, holiday rentals, country cottages and barns, including one used for pheasant and partridge shoots.

“The king reaffirmed that money from bona vacantia should not benefit the privy purse, but should be used primarily to support local communities, protect the sustainability and biodiversity of the land and preserve public and historic properties across the Duchy of Lancaster estates,” a spokesperson told the outlet.

READ MORE  16 killed in Cameroon building collapse: firefighters

“This includes the restoration and repair of qualifying buildings in order to protect and preserve them for future generations.”

Charles has reaped the benefits of this ancient practice, with his rental properties becoming more profitable, garnering tens of millions in duchy profits each year, revenue Buckingham Palace has declared “private.”

 

You Might Also Like

Nondies Starboy Fidens Tony Eyes More Glory With Kenya’s Oldest Rugby Club

Pharmacy And Poisons Board Caution Against Buying “sexual enhancement” Drug

Deputy President Rigathi Gachagua impeached

Seven Kenyan Universities Named Among Top 100 In Africa

State eyes billions stashed abroad in extradition rules

Share This Article
Facebook Twitter Email Print
Previous Article Tension after 4 farm workers shot dead by KDF officers in Eldoret
Next Article Woman arrested after she was caught moaning while m@sturbating with vibrator on a beach
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • Paris Saint-Germain beats Real Madrid in the race to sign the precious gem!
  • Sakaja defends clampdown on property owners over unpaid land rates
  • Man Utd captain Fernandes rejects Al-Hilal move
  • GG Kariuki’s widow Gladys Wairimu dies at 80
  • Rose Njeri released on Ksh.100,000 bond

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?