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The Sovereign Grant Act 2011 (Change of Percentage) Order 2024

S.I. 2024/52 · Made 16 January 2024

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 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 2011f1.

Annotations to the whole text

Footnotes

f1

2011 c. 15.

Step 1 of section 6(1) was amended by S.I. 2017/438.

Contents

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

1Citation, commencement and extent

(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.

2Amendment of the Sovereign Grant Act 2011

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%”.

Signature

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.