King Charles III has made history by becoming the first British monarch to publicly disclose his tax payments to HM Revenue and Customs (HMRC), revealing he ranked among the top 100 taxpayers in the UK for the 2024-25 financial year. The King voluntarily released the figures as part of a broader initiative to promote transparency and accessibility surrounding royal finances.
Tax Payments Since Accession
Since ascending the throne following the death of Queen Elizabeth II in September 2022, King Charles has paid more than £30 million in tax. For the 2024-25 year, his tax payable was £12.9 million, while for 2023-24 it was £11.7 million. The figure for 2025-26 is not yet available as it is subject to audit.
James Chalmers, Keeper of The Privy Purse, stated: "When Prince of Wales, His Majesty disclosed his tax, and he has asked that we make public his combined income and capital gains tax payments as king. Today I can share with you that His Majesty's tax payable for 2024-25 was £12.9 million. If annual media league tables are to be believed on such matters, that places His Majesty among the top 100 taxpayers in the country for that year."
Prince William's Tax Contributions
Prince William, the Prince of Wales, initially opposed disclosing his own tax payments when he became heir to the throne and assumed responsibility for the Duchy of Cornwall. However, he has now released his financial data as part of the series of royal reports made public. Since becoming Prince of Wales, William has contributed more than £20 million in tax. For the 2024-25 financial year, his tax bill totalled £7.76 million in income and capital gains tax, and was £8.34 million in 2023-24.
Voluntary Tax Arrangements
King Charles voluntarily contributes income tax on all his private earnings, capital gains tax on relevant parts of his assets, and inheritance tax under arrangements agreed by the late Queen that first came into effect in 1993. Chalmers emphasised that the total tax payable since accession, more than £30 million, was "all on a voluntary basis."
Sources of Income
The King's private income sources may encompass funds from investments or trading profits, revenue generated by his private estates of Balmoral and Sandringham, and personal savings. The Duchy of Lancaster estate, a private collection of land, investments, and office, retail and industrial properties, supplies the King with an annual income which in 2025-26 amounted to £25.2 million. The Duchy was established to provide the reigning monarch with an independent income source, historically referred to as the Privy Purse, used for both official and private expenditure and for covering the expenses of other members of the royal family.
Prince William draws an income from the Duchy of Cornwall, a billion-pound hereditary estate featuring The Oval cricket ground and providing the heir to the throne with funds separate from the monarch. He voluntarily pays tax on this income, which amounted to £21.6 million from the duchy during 2025-26, and is not used to cover official expenditure.
