Title page
Contents
Summary 5
1. The Sovereign Grant 7
1.1. Features of the Sovereign Grant 9
1.2. Sovereign Grant and a demise of the Crown 9
1.3. Grant reviews 10
1.4. The Crown Estate 12
1.5. Financial management of the Grant 14
1.6. Scrutiny of the Sovereign Grant 15
1.7. Criticism of the Sovereign Grant 17
1.8. Other sources of Royal finance 18
2. History of Royal finances 19
2.1. The Civil List 20
2.2. Civil List Select Committee 23
2.3. Sovereign Grant Bill 25
2.4. Modern Supply process 26
3. The Royal Family and tax 28
3.1. Memorandum of Understanding 29
3.2. Duchy of Lancaster 30
3.3. Duchy of Cornwall 31
3.4. Historical background 32
4. The Privy Purse and the Duchy of Lancaster 37
4.1. History of the Duchy of Lancaster 38
4.2. Duchy governance 41
4.3. Benevolent Fund 41
4.4. Status of the Duchy 43
5. The Prince of Wales and the Duchy of Cornwall 46
5.1. History of the Duchy of Cornwall 48
5.2. Duchy governance 49
5.3. Duke of Cornwall's Benevolent Fund 51
5.4. Reforming the Duchy 51
5.5. The Prince and Steward of Scotland 53
6. Property owned "in right of" the Crown 54
6.1. Government property 55
6.2. Legally inalienable property 55
6.3. Inalienable property by custom 57
6.4. Lesser properties 58
7. The King's personal income 60
7.1. Balmoral and Sandringham 61
7.2. Speculation regarding private wealth 63
7.3. Royal wills 65
8. Other costs and benefits 67
8.1. Additional costs of the monarchy 67
8.2. Financial benefits of the monarchy 69
9. Proposals for reform 71
Table 1. Savings from the Civil List 22
Table 2. Civil List grants to Queen Elizabeth II 23