Statutory Instruments
2024 No. 52
Crown
The Sovereign Grant Act 2011 (Change of Percentage) Order 2024
Made
16th January 2024
Laid before the House of Commons
17th January 2024
Coming into force
14th February 2024
The Treasury make the following Order in exercise of the powers conferred by section 8(2) of the Sovereign Grant Act 2011(1).
Citation, commencement and extent
1.—(1) This Order may be cited as the Sovereign Grant Act 2011 (Change of Percentage) Order 2024 and comes into force on 14th February 2024.
(2) This Order extends to England and Wales, Scotland and Northern Ireland.
Amendment of the Sovereign Grant Act 2011
2. In Step 1 of section 6(1) of the Sovereign Grant Act 2011 (determination of the amount of Sovereign Grant)(b), for “25%” substitute “12%”.
Amanda Milling
Joy Morrissey
Two of the Lords Commissioners of His Majesty’s Treasury
16th January 2024
EXPLANATORY NOTE
(This note is not part of the Order)
Each financial year the Sovereign Grant is paid by the Treasury to His Majesty. The amount of Sovereign Grant is determined in accordance with a formula in section 6(1) of the Sovereign Grant Act 2011 (c. 15) and is linked to the profits of the Crown Estate.
This Order amends section 6(1) of the Sovereign Grant Act 2011 so that the percentage specified in Step 1 of that section (being a percentage of the profits of the Crown Estate) is changed from 25% to 12%.
An impact assessment has not been prepared for this instrument because no impact on the private or voluntary sectors is foreseen.