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As set out in the Sovereign Grant Act 2011, the Sovereign Grant is set by reference to the revenue of The Crown Estate. In exchange for the Sovereign Grant, The Queen surrenders the revenue from The Crown Estate to the government, which in 2018-19 was £343.5 million, and over the last ten years has resulted in an over £2.8 billion contribution to supporting our vital public services. The Sovereign Grant for 2019-20 is £82.4 million.
Under Section 8 of the Sovereign Grant Act, HM Treasury can vary by order the percentage for the Sovereign Grant where the Royal Trustees consider that the current percentage is not appropriate. Following the 2016 Report of the Royal Trustees on the Sovereign Grant Review, in 2017 the percentage was increased from 15% to 25% in order to enable substantial works to reservice Buckingham Palace, to ensure that the Palace can continue to be able to support the Sovereign in the performance of Her official duties. This report set out in detail that Buckingham Palace’s infrastructure urgently needed a major overhaul to avoid the very real danger of catastrophic failure leading to fire or flood. The reservicing will be a ten year programme, at a total cost of £369 million.
The report is available on the gov.uk website at: