The Sovereign Grant Act 2011 (c. 15) is the act of the Parliament of the United Kingdom that introduced the Sovereign Grant, the payment that is paid annually to the monarch by the government in order to fund the monarch's official duties. It is usually set as a percentage of annual income from the Crown Estate. The Sovereign Grant Act 2011 was the biggest reform to the finances of the British royal family since the inception of the Civil List in 1760. In addition to the Sovereign Grant, the monarch continues to receive the revenue of the Duchy of Lancaster, while the Prince of Wales receives the revenues of the Duchy of Cornwall.
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👉 Sovereign Grant Act 2011 in the context of Grant (money)
A grant is a fund given by a person or organization, often a public body, charitable foundation, a specialised grant-making institution, or in some cases a business with a corporate social responsibility mission, to an individual or another entity, usually, a non-profit organisation, sometimes a business or a local government body, for a specific purpose linked to public benefit. Unlike loans, grants are not intended to be paid back. Examples include student grants, research grants, the Sovereign Grant paid by the UK Treasury to the monarch, and some European Regional Development Fund payments in the European Union.