 Although the ownership of some property can be traced back to Edward the Confessor, the estate as a whole essentially dates from 1066. After the Norman Conquest, all the land belonged to William "in right of The Crown" because he was King. Despite centuries of change in law and custom, the underlying ownership of The Crown still exists and there is always a presumption in favour of The Crown unless it can be proved that the land belongs to someone else.
The Sovereign's estates had always been used to raise revenue, and over time large areas were granted to nobles. The estate fluctuated in size and value but by 1760, when George III acceded to the throne, the asset had been reduced to a small area producing little income - revenue which George III needed to fulfil the Sovereign’s fiscal responsibilities to the nation.
By that time taxes had become the prime source of revenue for the United Kingdom and Parliament administered the country, so an agreement was reached that The Crown Lands would be managed on behalf of the Government and the surplus revenue would go to the Treasury. In return the King would receive a fixed annual payment - today known as the Civil List. This agreement has, at the beginning of each reign, been repeated by every succeeding Sovereign.
In 1955 a Government Committee under the Chairmanship of Sir Malcolm Trustram Eve recommended that to avoid confusion between Government property and Crown land, the latter should be renamed The Crown Estate and should be managed by an independent board. These recommendations were implemented by The Crown Estate Acts of 1956 and 1961.
Under the Act of 1961, the estate is managed by a Board who have a duty to maintain and enhance the value of the estate and the return obtained from it, but with due regard to the requirements of good management.
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