§ Ms HoeyTo ask the Chancellor of the Exchequer under what powers the Treasury may object to any proposal by the Duchy of Cornwall to sell the freehold of the Oval.
§ Mr. DorrellThe Duchy requires Treasury approval under section 11 of the Duchy of Cornwall Management Act 1863 for any sale or disposal of Duchy land or property. Before approving any such transactions, the Treasury needs to be satisfied that the Duchy will receive the full commercial value of the land or property being disposed.
Under section 7 of the Duchy of Cornwall Management Act 1982, upon application by the Duchy, the Treasury can approve a sale or disposal at less than full value where the latter would be conducive to the good management of the Duchy. In exercising its authority, the Treasury has to take into account any effect on persons living on, or in the vicinity of, the land and to have regard to the interests of future Dukes.
If the Duchy does not satisfy the conditions for an approval under section 11 of the 1863 Act or under section 7 of the 1982 Act, the Treasury would object to the proposed transaction.
The Duchy of Cornwall is responsible for the day-to-day management of its assets, and for seeking Treasury approval to a sale or disposal of any land or property.