In 2001, I wrote an article for Taxation magazine dealing with an issue where companies could fall foul of the bona vacantia rules (Revealed: King Charles secretly profiting from the assets of dead citizens, 23 November). I sent a copy of the article to the Treasury solicitor and Farrer & Co, the solicitors for the duchies of Lancaster and Cornwall, asking if they had any comments on the article and giving them an opportunity to confirm that I had properly reflected their policy towards bona vacantia. Farrer & Co declined to comment and referred me to the Treasury solicitor.
Following a response from the Treasury solicitor, I published a follow-up article. Since those articles were published, the legislation and guidance have changed more than once but I found the Treasury solicitor’s comments interesting on one point. I referred to bona vacantia as giving the crown and the two duchies windfall profits. The Treasury solicitor did not think that it was correct to refer to windfall profits since bona vacantia was one of the ancient hereditary revenues of the crown.
