Duchy of Lancaster
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The Duchy of Lancaster is one of the two royal duchies in England, the other being the Duchy of Cornwall, which are the personal property of the monarch. It consists of 46,200 acres, including key urban developments, historic buildings, and farm land in many parts of England and Wales, as well as large holdings in Lancashire. As of fiscal year 2007, the Duchy is valued at Pds. 397 million, with a net profit of Pds. 11.9 million, thus yielding 3% return. Income tax is paid voluntarily on all revenue profits from the Duchy of Lancaster distributed to the Sovereign. In addition to holding land in...
The Duchy of Lancaster is one of the two royal duchies in England, the other being the Duchy of Cornwall, which are the personal property of the monarch. It consists of 46,200 acres, including key urban developments, historic buildings, and farm land in many parts of England and Wales, as well as large holdings in Lancashire. As of fiscal year 2007, the Duchy is valued at Pds. 397 million, with a net profit of Pds. 11.9 million, thus yielding 3% return. Income tax is paid voluntarily on all revenue profits from the Duchy of Lancaster distributed to the Sovereign. In addition to holding land in Lancashire, the Duchy of Lancaster also exerts some powers and ceremonial duties of The Crown in Lancashire and Greater Manchester, Merseyside and the Furness area of Cumbria, which together form the County Palatine of Lancaster. Since the Local Government Act 1972, the Duchy holds and exerts the right to appoint Sheriffs and Lords Lieutenant in the ceremonial counties of Greater Manchester, Merseyside and Lancashire, including those areas from the historic county boundaries of Cheshire and Yorkshire
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