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Originally Posted by Warren
I remember reading this at the time. My thought was that if the income from the Duchy reverted to the government, how could the trustees of the Duchy carry out their functions without an income? ie, reinvesting, rebuilding, buying land, maintenance, upkeep etc. Or does the Duchy in the circumstance where there is no Duke of Cornwall just spend/reinvest all cash flow so there is no profit to be remitted to the government? Or even better, stash the cash in 'contingency reserves' accounts?
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I think that the profit, after reinvesting, repairs etc is taken by the government. The company returns/company taxes/corporation tax scrutiny would ensure that the profits were not 'diverted'!