The Duchy of Lancaster, established in 1399, and Prince William's Duchy of Cornwall, established in 1337, both hold large amounts of land and commercial property in England and Wales.
Their contracts with public bodies are said to include a £37.5 million agreement between the Duchy of Cornwall and the Ministry of Justice to lease Dartmoor Prison, and a £11.4 million deal between Guy’s and St Thomas’ NHS Trust and the Duchy of Lancaster to rent a London warehouse over 15 years to store ambulances.
The estates also reportedly charge the Ministry of Defence for access to moor boats and refuel warships, some state schools to use their properties, and a local borough council to operate a toll bridge.
The estates are not subject to corporation tax and the royals do not pay capital gains tax on the assets they sell. They voluntarily pay income tax on the surplus.