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Sovereign Grant
Main article: Sovereign Grant Act 2011
Under the Sovereign Grant Act 2011, the system of funding the Royal Household by a mixture of Civil List payments and Grants-in-Aid was replaced. From 1 April 2012 a single annual Sovereign Grant has been paid by the Treasury. The level of funding for the Royal Household is now linked to the Government's revenue from The Crown Estate.
The Sovereign Grant Annual Report states that the Sovereign Grant was £31 million for 2012–13, £36.1 million for 2013–14[11] and £37.9 million for 2014–15. The amount of the Sovereign Grant is 15% of the income account net surplus of the Crown Estate for the financial year that began two years previously. The arrangements will be reviewed by 2016 (subsection 7(5) of the Act).[12] Step 4 of subsection 6(1), and subsection 6(4), of the Act provide a mechanism to prevent the amount of the Sovereign Grant increasing beyond what is necessary because of the growth in Crown Estate revenue.[13] Under the Sovereign Grant the National Audit Office is able to audit the Royal Household.
On November 18, 2016 a plan was announced to increase the Sovereign Grant from 15% to 25% to renovate and repair Buckingham Palace. The percentage is set to revert to 15% when the project is finished in 2027.[14]
Duchy of Lancaster
Main article: Duchy of Lancaster
The Duchy of Lancaster is the private estate of the British Sovereign (now Queen Elizabeth II) consisting of land holdings and other assets.[15] As it is held in perpetual trust for future generations of Sovereigns,[16] the Sovereign is not entitled to the estate's capital.[17] The revenue profits of the Duchy are presented to the Sovereign each year and form part of the Privy Purse, providing income for both the official and private expenses of the monarch.[18] In the financial year ending 31 March 2015, the Duchy was valued at £472 million, providing £16 million in income.[19]
In 2017, the Paradise Papers revealed that the Duchy held investments in two offshore financial centres, the Cayman Islands and Bermuda. Both are British Overseas Territories of which Queen Elizabeth II is monarch, and nominally appoints governors. Britain handles foreign policy for both islands to a large extent, but Bermuda has been self-governing since 1620. The Duchy's investments included First Quench Retailing off-licences and rent-to-own retailer BrightHouse.[20] Labour Party Leader Jeremy Corbyn posited that the Queen should apologize, saying anyone with money offshore for tax avoidance should "not just apologise for it, [but] recognise what it does to our society". A spokesman for the Duchy said that all of their investments are audited and legitimate and that the Queen voluntarily pays taxes on income she receives from Duchy investments.[21]
Duchy of Cornwall
Main article: Duchy of Cornwall
The Duchy of Cornwall is a Crown entity holding land and other assets to produce an income for the monarch's eldest son. The Duke of Cornwall (currently, Prince Charles) receives revenue which he applies towards charitable work and official activities, supported by the Queen's grant-in-aid funding to provide assistance with official travel and property. These financial arrangements also cover the official expenditure of some members of his immediate family. The Duchess of Cornwall, the Duke and Duchess of Cambridge, and the Duke and Duchess of Sussex all have their official expenses paid from Duchy income, assisted by funds from the Queen's Sovereign Grant.[22] For the fiscal year 2011–12 the Duchy was valued at £728 million with an annual profit of £18.3 million paid to the Prince.[23]
Parliamentary annuities
The Duke of Edinburgh receives a parliamentary annuity of £359,000 per year from the Treasury.[24][25] In the past some other members of the British royal family also received funding in the form of parliamentary annuities. The Civil List Act 1952 provided for an allowance to Princess Margaret as well as allowances to the queen's younger children among others.[26][27] The Civil List Act 1972 added further members of the royal family to the annuity list.[who?][28] By 2002 there were eight recipients of parliamentary annuities (all children or cousins of the Queen)[who?] receiving a combined total of £1.5 million annually. Between 1993 and 2012 the Queen voluntarily refunded the cost of these annuities to the Treasury.[27] The Sovereign Grant Act 2011 abolished all of these other than that received by the Duke of Edinburgh.[29] Subsequently, the living costs of the members of the royal family who carry out official duties, including the Princess Royal, the Duke of York, and the Earl and Countess of Wessex, have mainly been met through the Queen's income from the Duchy of Lancaster.[30]
TaxationComment
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In other words, they don't give "every penny." A good chunk is rebated back to them.Comment
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Yea, didn't the Clinton's donate their old underwear and then claim it on their taxes? Speaking of "our" National Socialists I found this today and it reminded me of "them" so much!
Samnational.jpgComment
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I figured that out a while back, in regard to those I've blocked.Comment
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