HC Deb 06 May 1936 vol 311 c1845

That it is expedient to enable His Majesty on behalf of any son of His Majesty being Duke of Cornwall to assent to arrangements whereby during the minority of the said Duke the following payments may (subject to adjustment in respect of parts of years) be made out of the net revenues of the Duchy of Cornwall, that is to say—

  1. (a)a payment at the annual rate of £25,000 to His Royal Highness the Duke of York, so, however, that the rate shall be reduced, in any year in which the net revenues of the Duchy of Cornwall fall short of £50,000, by the amount of the deficiency; and
  2. (b)a payment to the Exchequer at an annual rate computed in each year by applying to the net revenues of the Duchy for the year, reduced by any sum paid under paragraph (a), the standard rate of income tax for the year of assessment in which that year ends and the higher rates of income tax for the preceding year of assessment which would be applicable in the case of an individual having a total income equal to those net revenues so reduced; and
  3. (c)a payment at the annual rate of £25,000, to be applied in part for the purpose of the maintenance and education of the said Duke of Cornwall and in part for the purpose of accumulating sums to be applied in making suitable provision for any future wife of the said Duke and, so far as not required for the purpose of making such provision, in any manner authorised by or under any Act of the present session,
so, however, that if the said payments exceed in the aggregate the net revenues of the Duchy, the payment to the Exchequer may, with the consent of the Treasury, be reduced by an amount not greater than the excess; and to make other provision to facilitate the carrying into effect any such arrangements."