King Charles has made history by becoming the first monarch to reveal his personal tax bill. In a bid to improve "transparency and accountability," the 77-year-old monarch personally decided to publish his payments to HM Revenue and Customs. Prince William, who had initially resisted calls to publish his tax figures despite his father doing so when he was the Prince of Wales, has also decided to follow suit as several royal finance reports were published on Thursday night.
Combined Tax Payments Exceed £50 Million
The two offices disclosed that between them, Charles and his heir have paid over £50 million in tax since the death of Queen Elizabeth II in September 2022. The King handed over more than £30 million during this period, while the Prince made payments of more than £20 million in tax.
King Charles's Tax Bill in Full
The King voluntarily pays income tax on all his private income, capital gains tax on relevant elements of his assets, and inheritance tax under arrangements agreed by the late Queen that first came into effect in 1993. His private sources of income could include money from investments or trading profits, funds generated by his private estates of Balmoral and Sandringham, and private savings. The figure released by Buckingham Palace is a combined total of income and capital gains tax paid by the King. They do not provide individual figures for the two, and instead release an amalgamation of the two payments.
- 2024-25 tax year: Total tax paid = £12.9 million
- 2023-24 tax year: Total tax paid = £11.7 million
- Total since his accession in September 2023: over £30 million
King Among Top 100 Taxpayers
James Chalmers, Keeper of The Privy Purse, said: "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. I can also share with you that His Majesty’s tax payable for 2023-24 was £11.7 million and the total amount of tax payable by His Majesty since accession to the throne is more than £30 million – all of this, remember, on a voluntary basis. The tax payable for 2025-2026 is not yet available as the underlying figures are subject to audit and review in accordance with our normal reporting timetables."
