§ 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 annual payments may (subject to adjustment in respect of parts of a year) be made out of the net revenues of the Duchy of Cornwall, that is to say,—
- (a) payments equal to those which, but for the fact that the Duke of Cornwall for the time being is a minor, would be made out of the Consolidated Fund to Their Royal Highnesses the Princess Elizabeth and the Duke of Gloucester, so, however, that in any year in which the net revenues of the Duchy of Cornwall fall short of the said payments with the addition of £25,000, the payment to be made to His Royal Highness the Duke of Gloucester shall be reduced by the amount of the deficiency and the payment to be made to Her Royal Highness the Princess Elizabeth shall be reduced by the amount of the deficiency less the amount of the payment to His Royal Highness the Duke of Gloucester;
- (b) a payment to the Exchequer computed in each year by applying to the net revenues of the Duchy of Cornwall for the year, reduced by £25,000, the standard rate of Income Tax for the year of assessment in which that year ends and the higher rates of Income Tax (less the standard rate) 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;
§ (c) if the total of the payments made in any year under paragraph (a) of this Resolution are less than £25,000, a further payment to the Exchequer equal to the difference;
§ (d) a payment 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 snaking 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 sum payable 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 of any such arrangements.
§ The foregoing provisions of this Resolution shall, in the event of Her Royal Highness the Princess Elizabeth predeceasing His Majesty, have effect, as respects any period subsequent to that event, as if the references to Her Royal Highness were references to that one of His Majesty's daughters who thereby becomes His eldest surviving daughter."—[Mr. Chamberlain.]