King Charles is set to become the first head of state to disclose his personal tax bill, a move aimed at boosting transparency around royal finances. The announcement was made by Buckingham Palace as the royal household seeks to provide greater clarity and accessibility regarding the monarchy's financial affairs.
The King's decision contrasts with that of the Prince of Wales, who has not disclosed the tax he has paid since becoming heir to the throne. Charles, who spent the week at Royal Ascot with Queen Camilla, has voluntarily paid income tax on all his private income and capital gains tax on relevant assets, as outlined in the Memorandum of Understanding on Royal Taxation 2023, agreed by the Government.
Details of the King's Income and Tax
The King's private sources of income may include money from investments, trading profits, funds generated by his private estates of Balmoral and Sandringham, and private savings. Additionally, the Duchy of Lancaster estate—a private portfolio of land, investments, and properties—provides the monarch with an annual income. In 2024/2025, this income stood at £26.8 million. 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 and to meet expenses of other royal family members.
A Buckingham Palace spokesperson stated: “While this is the first time a monarch has shared this personal tax information, you may recall it was similarly released by His Majesty when he was prince of Wales. The decision to do so as Sovereign has come at the express wish of the King himself, as part of the adaptations carried across since accession.”
Publication Schedule and Broader Transparency Measures
Later this week, the King's total personal tax information for the 2024-25 financial year will be published alongside other reports on royal finances. His 2025-26 tax details will be released next year after their audit is completed. Accounts detailing the Sovereign Grant—which funds the official duties of the royal family—will also be published at a press briefing, alongside a separate extensive new royal household report on royal finances.
Figures from last year showed the Sovereign Grant stood at £86.3 million, comprising £51.8 million for core elements like travel and payroll costs and £34.5 million to fund the Buckingham Palace Reservicing Programme. The Duchy of Lancaster’s accounts will also be published at another press briefing.
Speaking about the new report, a Buckingham Palace spokesperson 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.”
Comparison with the Prince of Wales
William, the Prince of Wales, receives an income from the Duchy of Cornwall, a billion-pound hereditary estate that includes The Oval cricket ground and Dartmoor Prison. He received nearly £23 million last financial year from the Duchy and voluntarily pays the highest rate of income tax after official costs are deducted, but the amount he pays in tax is not disclosed. It was recently reported that he plans to invest £500 million from selling off a fifth of his Duchy estate and other transactions to have a “positive impact on the world.”
A Buckingham Palace spokesperson commented on the changes: “In order constantly to 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.”
