King Charles will become the first head of state to reveal their personal tax bill, Buckingham Palace announced, in a move intended to increase the clarity and accessibility of the monarchy’s finances. The 77-year-old monarch will publish his total personal tax information for the 2024-25 financial year next week alongside other financial reports. His 2025-26 tax details will be released next year after the audit is completed.
Historic Transparency Measure
The decision marks a significant departure from tradition, as no previous British monarch has disclosed their personal tax bill. 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 king’s private sources of income may include investment returns, trading profits, funds from his private estates at Balmoral and Sandringham, and private savings. Additionally, the Duchy of Lancaster estate—a private portfolio of land, investments, and commercial property—provides the king with an annual income, which in 2024-25 was £26.8 million. Charles voluntarily pays income tax on all his private income and capital gains tax on relevant assets, as outlined in the 2023 Memorandum of Understanding on Royal Taxation agreed with the government.
Contrast with Prince of Wales
The king’s decision contrasts with that of his son, the Prince of Wales, 43, who has not disclosed the tax he has paid since becoming heir to the throne. William receives income from the Duchy of Cornwall, a billion-pound hereditary estate that includes The Oval cricket ground and Dartmoor prison. The prince received nearly £23 million from the duchy in the last financial year and voluntarily pays the highest rate of income tax after deducting official costs, but the amount he pays in tax is not disclosed.
Comprehensive Financial Reporting
Accounts detailing the sovereign grant—which funds the official duties of the royal family—will be published at a press briefing next week, alongside a separate extensive new royal household report on the monarch’s finances. The Duchy of Lancaster’s accounts will also be released at another 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 broader changes, a palace spokesperson 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.”
