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The Sovereign Grant Act 2011 (Change of Percentage) Order 2017

S.I. 2017/438 · Made 16 March 2017

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Crown

Made 16th March 2017

Coming into force in accordance with article 1(2)

The Treasury make the following Order in exercise of the power conferred by section 8(2) of the Sovereign Grant Act 2011f1.

A draft of this Order was laid before the House of Commons and approved by a resolution of that House in accordance with section 8(3) of the Sovereign Grant Act 2011.

Annotations to the whole text

Footnotes

f1

2011 c.15.

Contents

  1. 1Citation and commencement
  2. 2Amendment of the Sovereign Grant Act 2011
  3. Signature
  4. Explanatory note

1Citation and commencement

(1)

This Order may be cited as the Sovereign Grant Act 2011 (Change of Percentage) Order 2017.

(2)

This Order comes into force on the day after the day on which it is made.

2Amendment of the Sovereign Grant Act 2011

In Step 1 of section 6(1) of the Sovereign Grant Act 2011, for “15%” substitute “25%”.

Signature

David Evennett

Andrew Griffiths

Two of the Lords Commissioners of Her Majesty’s Treasury

16th March 2017

Explanatory note

(This note is not part of the Order)

Each financial year the Sovereign Grant is paid by the Treasury to Her Majesty. The amount of Sovereign Grant is determined in accordance with a formula in section 6(1) of the Sovereign Grant Act 2011 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 15% to 25%.

An impact assessment has not been prepared for this instrument because no impact on the private or voluntary sectors is foreseen.