Scottish Crown Estate Act 2019: ministerial direction

Direction given under Section 37 (1) of the Scottish Crown Estate Act 2019.

1. The Scottish Ministers, in exercise of their powers conferred by section 37(1) of the Scottish Crown Estate Act 2019, give the following direction:

The Scottish Ministers direct as follows:

2. This Direction applies to Crown Estate Scotland.

Transfer of sums between income and capital accounts

3. Crown Estate Scotland may transfer a sum of money from their income account to their capital account in the financial year ended 31 March 2022 and in the financial year ended 31 March 2023. The sum that may be transferred in each of those years is to be calculated as 9% of the previous financial year’s gross revenue and after taking into account depreciation of plant and equipment.

4. For the avoidance of doubt, Section 3 is applicable only for the two financial years specified above. Any arrangements for future financial years will be set out in any future directions as determined by Scottish Ministers.

Treatment of certain sums

5. The gross annual income received, and any expenses incurred, by Crown Estate Scotland, from or in connection with mining leases or the working of mines or minerals shall be carried or charged as one half to the capital account and one half to the income account.

Signed

Dated 31.03.2022