King Charles III will make history by releasing his personal tax bill, becoming the first British sovereign to do so. The move, ordered by the King himself, aims to improve transparency around royal finances. It comes as the royal household seeks to increase “clarity and accessibility” regarding the monarchy’s finances by producing a new report on the subject.
Details of the Tax Disclosure
The release will provide insight into the monarch’s annual earnings, including private sources of income such as investments, trading profits, funds from his private estates of Balmoral and Sandringham, and private savings. The King also earns money from the Duchy of Lancaster estate, a private portfolio of land, investments, and properties. In 2024/2025, the Duchy earned him £26.8 million.
The King voluntarily pays the highest rate of income tax once official costs are deducted, but the amount of tax he pays has not been disclosed until now.
Historical Context and Royal Household Statement
A Buckingham Palace spokesperson said: “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.”
The Duchy of Lancaster estate was designed to provide the monarch with an independent source of income and was historically known as the Privy Purse. It has been used for both official and private expenditure, and to meet expenses of other members of the Royal Family.
Additional Transparency Measures
Accounts detailing the Sovereign Grant, which funds the official duties of the royal family, will be published this month alongside a separate, extensive new royal household report on royal finances. The Sovereign Grant stood at £86.3 million last year, comprising £51.8 million for core elements like travel and payroll costs and £34.5 million for the Buckingham Palace Reservicing Programme. The Duchy of Lancaster’s accounts will also be published at a press briefing.
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.”
Regarding the changes, another spokesperson added: “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.”
Notably, Prince William, the Prince of Wales, has not disclosed the tax he has paid since becoming heir to the throne.
