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The Duchy of Lancaster is one of the two Royal Duchies in England, the other being the Duchy of Cornwall, and is the personal (inherited) property of the monarch. Despite the name, the duchy is effectively a property company (though it pays no corporation tax), and it consists of 18,800 hectares (46,455 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 £397 million, with a net profit of £11.9 million, thus yielding 3% annual growth. [1] All revenue profits from the Duchy of Lancaster distributed to the Sovereign are subject to income tax. [2] 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 Lord Lieutenants 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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