King Charles makes historic tax disclosure as royal public finances approach £100m / Image – File
Britain’s royal finances have entered a new era of transparency after King Charles became the first monarch to publicly reveal his personal tax bill, while Buckingham Palace also confirmed that taxpayer funding for the monarchy is set to rise to almost £100 million a year.Buckingham Palace published these unprecedented disclosures as part of the royal family’s annual financial accounts, and described the move as part of the king’s campaign to modernize the monarchy and make it easier for the public to understand its financial affairs. The announcement also came alongside confirmation that the Sovereign Grant, the public funding used to support the official duties of the monarchy, will increase significantly over the next two years.For the first time in modern British history, a monarch has voluntarily revealed how much personal tax they pay.According to newly released accounts from the Royal Family, King Charles will pay £12.9 million in income tax and capital gains tax during the 2024-2025 financial year. Since assuming the throne in 2022, the King has paid more than £30 million in personal taxes.The tax payments relate to income from the Duchy of Lancaster, the King’s estates at Sandringham and Balmoral, investment income and other private sources.
Buckingham Palace stressed that the King receives no personal income from the Sovereign Grant, which funds official royal duties rather than private finances.A palace spokesman said that the decision reflects the king’s desire to improve transparency and public understanding of royal funds, describing it as another step in the monarchy’s ongoing modernization program.The financial report also confirmed another important royal decision.Although a £369 million renovation of Buckingham Palace has been completed, King Charles and Queen Camilla will not be moving into the palace as their permanent residence. Instead, they will continue to live at Clarence House while Buckingham Palace remains the monarchy’s official residence for official events, ceremonies and administrative operations.Royal officials said the decision will also allow greater public access to parts of the historic building once renovations are complete.The trend toward greater transparency extended beyond the king.Prince William confirmed that he paid £7.76 million in taxes during the 2024-25 financial year. Since becoming Prince of Wales following the death of Queen Elizabeth II in 2022, he has paid more than £20 million in taxes on income from the Duchy of Cornwall and other private earnings.Although the figures were released voluntarily, Buckingham Palace has not published detailed calculations showing exactly how tax liabilities are determined.The publication of the King’s personal tax bill represents one of the most significant changes to royal financial transparency in decades.While British monarchs have voluntarily paid income tax since the 1990s, no reigning monarch has ever declared this amount before. Palace officials hope the move will boost public confidence in how the monarchy is financed and help explain the difference between the king’s private wealth, the dukedoms, and official taxpayer-funded spending.These disclosures also come at a time when scrutiny of royal finances has intensified, with campaigners calling for greater openness about how public funds are used. Buckingham Palace says the latest report aims to make the monarchy’s finances clearer and easier for taxpayers to understand.
