Policy paper

Report of the Royal Trustees on the Sovereign Grant Review 2026

Guidance on the Sovereign Grant, which supports the official duties of His Majesty, The King.

• From: HM Treasury
• Published: 26 June 2026

Documents

Report of the Royal Trustees Sovereign Grant Review 2026

PDF, 328 KB, 37 pages

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Details

Under section 7 of the Sovereign Grant Act 2011, the Royal Trustees (the Prime Minister, the Chancellor of the Exchequer, and the Keeper of the Privy Purse) are required to review whether the percentage of The Crown Estate’s net revenues used to calculate the Sovereign Grant remains appropriate. In doing so, they assess whether the level of funding continues to be sufficient and sustainable to support the Monarch’s official duties, including the maintenance of occupied Royal Palaces such as Buckingham Palace.

The 2026 Review considers the Royal Household’s expected income and expenditure over the period from 2027–28 to 2031–32, alongside the level of the Sovereign Grant Reserve and the costs of completing the Buckingham Palace Reservicing Programme. It also takes into account the outlook for The Crown Estate’s revenues over the coming years.

In light of these factors, the Royal Trustees have concluded that the overall level of the Sovereign Grant should be reset from 2027–28 to reflect lower funding requirements following the completion of the Reservicing Programme, and should be set at £99.9m. The Report also recommends that the reference percentage to The Crown Estate’s profits should be set at 20.5% for the period between 2027-28 to 2031-32. This reset ensures that public funding more closely aligns with the Royal Household’s ongoing needs, while retaining sufficient flexibility to manage future risks and expenditure pressures.

The Sovereign Grant Bill will be brought forward to give effect to this reset. This is necessary because the existing statutory framework would otherwise prevent the Sovereign Grant from decreasing year‑on‑year, even where the Royal Household’s expected costs have reduced. The Sovereign Grant Bill will therefore establish a new baseline level of the Grant and update the percentage used in its calculation for the next review period, ensuring a sustainable and proportionate funding framework going forward.

Published 26 June 2026