King Charles makes historic tax disclosure as Royal public funding approaches £100m / Image – file
Britain’s royal finances have entered a new era of transparency after King Charles became the first reigning monarch to publicly disclose his personal tax bill, while Buckingham Palace also confirmed that taxpayer funding for the monarchy is set to rise to almost £100 million a year.Buckingham Palace published the unprecedented disclosures as part of the Royal Household’s annual financial accounts, describing the move as part of the King’s drive to modernise the monarchy and make its finances easier for the public to understand. The announcement also came alongside confirmation that the Sovereign Grant, the public funding used to support the monarchy’s official duties, will increase significantly over the next two years.For the first time in modern British history, a reigning monarch has voluntarily revealed how much personal tax they pay.According to the Royal Household’s newly released accounts, King Charles paid £12.9 million in income tax and capital gains tax during the 2024-25 financial year. Since ascending the throne in 2022, the King has paid more than £30 million in personal taxes.The tax payments relate to income generated from the Duchy of Lancaster, the King’s private estates of Sandringham and Balmoral, investment income and other private sources. Buckingham Palace stressed that the King receives no personal income from the Sovereign Grant, which funds official royal duties rather than private finances.A palace spokesperson said the decision reflected the King’s wish to improve transparency and public understanding of royal finances, calling it another step in the monarchy’s ongoing modernisation programme.The financial report also confirmed another significant royal decision.Despite the completion of the £369 million refurbishment of Buckingham Palace, King Charles and Queen Camilla will not move into the palace as their permanent residence. Instead, they will continue living at Clarence House while Buckingham Palace remains the monarchy’s official headquarters for state events, ceremonies and administrative operations.Royal officials said the decision would also allow greater public access to parts of the historic building once renovation work is fully completed.The drive towards greater transparency extended beyond the King.Prince William confirmed that he paid £7.76 million in tax during the 2024-25 financial year. Since becoming Prince of Wales following Queen Elizabeth II’s death in 2022, he has paid more than £20 million in taxes on income from the Duchy of Cornwall and other private earnings.Although the figures were released voluntarily, Buckingham Palace did not publish detailed calculations showing exactly how the tax liabilities were determined.The publication of the King’s personal tax bill marks one of the most significant changes to royal financial transparency in decades.While British monarchs have voluntarily paid income tax since the 1990s, no reigning sovereign had previously made the amount public. Palace officials hope the move will strengthen public confidence in how the monarchy is funded and help explain the distinction between the King’s private wealth, the Duchies and taxpayer-funded official spending.The disclosures also come at a time when scrutiny of royal finances has intensified, with campaigners calling for greater openness about how public money is used. Buckingham Palace says the latest report is intended to make the monarchy’s finances clearer, more accessible and easier for taxpayers to understand.
