King Charles has stated that releasing his full personal tax bill is “the right thing to do” as part of an effort to increase transparency around royal finances. Later today, the King will publish details of his annual tax payment, making him the first British monarch to do so.
King’s Clear Instruction for Transparency
A palace source confirmed that it was the King’s “clear wish and instruction” to make the tax information public for the first time, amid growing scrutiny of the royal family’s finances. The disclosure will include the total amount of tax he pays, covering income from personal wealth, investments, and certain Capital Gains tax.
When asked about the decision to expand the palace’s annual financial briefing, a palace aide told the Telegraph: “He felt it was the right thing to do.” The aide added that the King hopes this will be a “very significant leap forward” in helping the public understand the Sovereign Grant, the Duchy of Lancaster, and private income sources.
Private Income and the Duchy of Lancaster
The King’s private funds include income from investments, trading profits, his private estates of Balmoral and Sandringham, and personal savings. The Duchy of Lancaster estate—a portfolio of land, investments, and commercial properties—provides him with an annual income. In 2024/2025, that income stood at £26.8 million. Charles voluntarily pays the top UK income tax rate of 45% on this income.
The Duchy was designed to give the monarch an independent source of income, historically known as the Privy Purse, used for both official and private expenditure, as well as expenses for other royal family members.
Publication Details and Future Plans
The King’s total personal tax information for the 2024-25 financial year will be published today, alongside other reports on royal finances. His 2025-26 tax details will be released next year after the audit is completed.
Buckingham Palace announced the tax disclosure last week, stating: “The annual Sovereign Grant Report contains extensive detail of publicly-funded expenditure and other core operational data relating to Royal finances. It is subject to Government oversight and scrutiny by Parliament, the media and the public.” The Palace added: “In order to constantly improve, and to encourage wider understanding of our accountability, the Royal Household has been considering options to enhance this transparency still further – and can today announce additional measures in keeping with our public service priorities. To put it simply: we continue to modernise and evolve.”
The Palace also said: “Our aim is to explain all elements of Royal finances in a way that further enhances clarity and accessibility, while also placing it in its historical and constitutional context.”
This is not the first time Charles has published his tax details; he previously did so as Prince of Wales when he oversaw the Duchy of Cornwall, which has since been inherited by Prince William.
