King Charles III relinquishes inherited revenue in return for granting sovereign funding for official duties

King Charles III He formally ceded hereditary revenues, including ownership of the Crown, to the Government of the United Kingdom, and would begin receiving a Sovereign Grant to fund his official duties as King.

The arrangement that Charles signed has been the same since 1760, when King George III gave sponsorship and profits from his privately owned lands to the national government.

Charles made the announcement in a royal party At St James’s Palace on Saturday.

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The royal family’s private real estate investment holdings – estimated to be worth a total of $14 billion – were handed over to the nation with each successive generation.

King Charles III watches a floral tribute to the late Queen Elizabeth II outside Buckingham Palace on September 9, 2022 in London. (Chris Jackson/Getty Images/Getty Images)

under transfer, Sovereign It guarantees them a generous government stipend to fund their business and travel, as well as personal expenses.

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accession board Officially declared King Charles III The King of the United Kingdom at St James’s Palace on Saturday morning.

LONDON, ENGLAND – SEPTEMBER 9: King Charles III delivers his address to the nation and the Commonwealth from Buckingham Palace following the death of Queen Elizabeth II on Thursday, September 8 at Balmoral, on September 9, 2022 in London, England.

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“I will strive to follow my inspiring example of upholding constitutional government and seeking peace, harmony and prosperity for the people of these islands, worlds and Commonwealth Territories throughout the world,” Charles said.