Dormant Assets Scheme
(asked on 18th May 2022) - View Source
Question to the Department for Digital, Culture, Media & Sport:
To ask Her Majesty's Government what plans they have to provide more capital via the Dormant Assets Act 2022.
Answered by
Lord Parkinson of Whitley Bay
Parliamentary Under Secretary of State (Department for Culture, Media and Sport)
The Dormant Assets Act 2022 delivers on Her Majesty’s Government's commitment to expand the scheme. Over time, this will unlock an estimated £880 million for good causes across the UK.
Her Majesty’s Government will launch a public consultation this summer on the social and/or environmental focus of the English portion. This is an opportunity to consider how future funds can be distributed in England.
The Act provides the power to expand the scheme without the need for primary legislation. This will enable Her Majesty’s Government to respond more rapidly to opportunities to broaden the pool of eligible assets as they arise, alongside experience of managing dormant assets which will build over time.