King Charles III has made history by becoming the first British monarch to publicly reveal how much tax he pays. The King’s latest financial disclosure shows he voluntarily paid £12.9 million in tax during the 2024–2025 financial year, a move Buckingham Palace says is aimed at improving transparency and strengthening public accountability.
Highlights
- King Charles paid £12.9 million in tax for 2024–2025.
- Prince William disclosed paying £7.76 million over the same period.
- Buckingham Palace says the move is intended to improve transparency.
- The King and Queen Camilla will continue living at Clarence House.
- The Sovereign Grant is set to rise to nearly £100 million by 2027–2028.
Main Story
Historic Tax Disclosure by the King
For the first time in British royal history, King Charles III has voluntarily published details of his personal tax payments.
The newly released Royal Household financial accounts show the monarch paid £12.9 million in income and capital gains tax during the 2024–2025 financial year. The amount places him among the United Kingdom’s highest taxpayers.
His son, Prince William, also disclosed that he paid £7.76 million in taxes over the same period, marking another step towards greater financial openness within the Royal Family.
Palace Says Move Promotes Accountability
Buckingham Palace described the publication of the tax figures as a voluntary decision by both the King and the Prince of Wales.
According to palace officials, the disclosures are intended to give the public a better understanding of how the Royal Family manages its finances and to reinforce accountability.
Since King Charles ascended the throne in 2022, he and Prince William have together paid more than £50 million in tax to the UK tax authority.
Where the King’s Income Comes From
A significant portion of King Charles’ income comes from the Duchy of Lancaster, a privately managed estate that provides the reigning monarch with independent funding for official and personal expenses.
During the 2025–2026 financial year, the estate generated £25.2 million in income.
The King also receives taxable earnings from personal investments, savings, and private estates including Balmoral and Sandringham, although detailed figures for these assets were not disclosed.
Prince William Continues Transparency Effort
Prince William also released details of his tax contributions after initially choosing not to disclose them when he became heir to the throne.
His income is derived from the Duchy of Cornwall, a vast hereditary estate that funds his official duties, household operations, and family life.
Palace officials confirmed that the Prince pays income tax at the highest applicable rate on any remaining income after legitimate operating costs, with all expenses independently audited.
Royal Household Funding Also Increases
The annual report also revealed that the Sovereign Grant—the public funding allocated to support the Royal Household—is expected to increase to just under £100 million by the 2027–2028 financial year.
Meanwhile, Buckingham Palace confirmed that King Charles and Queen Camilla will continue residing at Clarence House rather than relocating to Buckingham Palace.
The Royal Household noted that tax figures for the 2025–2026 financial year are still being audited and will be published next year.
By opening a window into royal finances, King Charles has taken an unprecedented step that could redefine how the British monarchy balances tradition with public accountability.
