Crown Estate
From Free net encyclopedia
In the United Kingdom The crown estate is a property portfolio associated with the monarchy. Historically the possession of the monarch, it has evolved into a unique institution which transfers its income to the public purse. It is one of the largest property owners in the United Kingdom with a portfolio worth of £5 billion as of 2005. The majority of the estate by value is urban, including a large number of properties in central London, but the estate also owns 1,100 square kilometres of agricultural land and forest, and more than 55% of the UK’s foreshore, and retains various other traditional holdings and rights.
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Anglo-Saxon and Norman
In Anglo-Saxon times the property of the king consisted of his private estate, the demesne of the crown, comprising palaces, and rights over the folkland of the kingdom, the "commonage" that the people held in common. By the time of the Norman Conquest, the three had become merged into the estate of the crown, that is, land annexed to the crown, held by the king only as king. The king, also, ceased to hold as a private owner but he had full power of disposal by grant of the crown lands, which were increased from time to time by confiscation, escheat, forfeiture, and like processes.
England, Britain, UK
The career of The Crown lands to the reign of William III was one of continuous alienation to favorites. Their wholesale distribution by William III necessitated the intervention of Parliament, and in the reign of Queen Anne an act was passed limiting the right of alienation of crown lands to a period of not more than thirty-one years or three lives. The revenue from the crown lands was also made to constitute part of the Civil List. At the beginning of his reign George III surrendered his interest in the Crown Estate in return for a fixed civil list.
Crown Estate
The land revenues of the Crown in England and Wales have been collected on the public account since 1760, when George III surrendered them in return for a fixed annual payment or Civil List. At the time of the surrender the gross revenues amounted to about £11,000.
The land revenues in Ireland have been carried to the Consolidated Fund since 1820. From 1 April 1923, as regards the Republic of Ireland, they have been collected and administered by the Irish Government.
The land revenues in Scotland were transferred to the Crown Estate Commissioners in 1833.
The Crown Estate Commission is a non-ministerial department of the Government of the United Kingdom run on commercial lines, by the Crown Estate Commissioners. It has a property portfolio of buildings, shoreline, seabed, forestry, agricultural and common land worth in excess of £4 billion, generating revenue of around £170 million for HM Treasury every year. For example, it owns much of Regent Street in London.
The First Commissioner and Chairman is part-time. The Second Commissioner is the Chief Executive.