Duchy Of Cornwall

The Duchy of Cornwall is a royal duchy in England, one of two, with the eldest son of the reigning monarch obtaining possession and the title of Duke of Cornwall at birth or upon accession. The current duke is William, Prince of Wales. The Duchy Council, or Prince's Council, advises the duke on the management of the duchy, which exercises certain legal rights and privileges in Cornwall and the Isles of Scilly, and has a portfolio of land holdings and financial investments. The duchy is exempt from corporation tax, and its revenues pass to the heir to the throne. The administration of the duchy is regulated by the Duchies of Lancaster and Cornwall (Accounts) Act 1838, and the duchy has special legal rights, such as the right to ownerless property, which operates in its favour. The duke has limited rights and income, including the 'interest in possession' of the duchy's assets, but not the right to sell capital assets for personal benefit.learn more on wikipedia