King Charles is set to take an unprecedented step for a monarch — he will reveal his personal tax bill, a first for a British king or queen in modern times. He is expected to make the move later today (Thursday, June 25), claiming that releasing his full personal tax bill is "the right thing to do" in an effort to be more open about royal finances with the general public.
It will make public the King's tax payments for the last financial year — 2024-25 — while including tax on his income such as profits from the Duchy of Lancaster, any personal investments and earnings from the King's private estates, such as Sandringham and Balmoral. Buckingham Palace said in a statement: "To put it simply, we continue to modernise and evolve."
Voluntary Tax Payments
The UK monarch is not required to pay income tax, inheritance tax on what they receive from a previous monarch or capital gains tax. King Charles, though, voluntarily pays income tax and capital gains tax.
Debate Over Net Worth
But just how much is Charles' personal fortune? Well, that very much depends on who you ask. According to the latest Sunday Times' Rich List, released in May, Charles' personal wealth now stands at £680 million, up from £640 million 12 months previously. But the Sunday Times admit that many people believe the monarch is a billionaire because they include the Duchy of Lancaster and the Crown Estate as his private assets.
The publication said: "More than three years into his reign, the magnitude of the King’s wealth continues to divide opinion. Some commentators insist that Charles III is a billionaire, arguing that the Duchy of Lancaster and even the Crown Estate are his personal assets. We disagree. Both these estates come with the job as sovereign and there are rules circumscribing a monarch’s ability to sell or profit from them. To consider these the King’s personal holdings would be akin to an executive viewing the office laptop or the company car parked on their driveway as their own."
The Sunday Times also did not include Charles' art and jewellery collections in its final figure, arguing that the collection is not owned personally by the King but is "held in trust by him as sovereign for his successors and the nation."
Alternative Estimates
The Guardian took on an entirely different approach when it looked into Charles' estimated fortune around his coronation in May 2023. They estimated it to be around £1.815 billion, including assets like the royal car collection, property reportedly worth £330 million, royal racehorses, jewels, art and stamps. In a statement, the king's spokesperson said at the time: "While we do not comment on private finances, your figures are a highly creative mix of speculation, assumption and inaccuracy."
Charles's fortune expanded substantially following the death of his mother The Queen in September 2022. Reports suggest the King inherited significant investment holdings and private property assets and he did not pay inheritance tax.
