Scottish Crown Estate Act 2019: ministerial direction - transfer of sums for 2023-2024 and 2024-2025
This Direction confirms the Crown Estate Scotland transfer of money from their income account to their capital account in the financial year ended 31 March 2024 and in the financial year ended 31 March 2025.
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 (“CES”) may transfer a sum of money from their income account to their capital account in the financial year ended 31 March 2024 and in the financial year ended 31 March 2025, as provided for in section 29 of the Act. The sum that may be transferred in each of
those years is to be calculated as 13% of the previous financial year’s gross revenue, after taking into consideration current year depreciation of plant and equipment. This will include interest income on CES capital and revenue accounts, but will exclude service charge income.
4. CES are not permitted to include revenue from ScotWind or INTOG leasing rounds or interest earned from that revenue as part of any transfer of funds from their income account to their capital account in the financial year ended 31 March 2024 and in the financial year ended 31 March 2025, unless otherwise directed in writing by the Scottish Ministers.
5. For the avoidance of doubt, Section 3 and 4 of this Direction are applicable only for the two financial years specified above. Any statutory transfer for future financial years will be set out in any future directions as determined by Scottish Ministers.
Treatment of certain sums
6. The gross annual income received, and any expenses incurred, by CES, 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.
16 October 2023
There is a problem
Thanks for your feedback