King Charles will become the first reigning British monarch to make public his personal tax bill, Buckingham Palace confirmed this week. The disclosure, due on Thursday, will form part of a broader set of annual royal financial accounts, according to reports by the BBC.
The decision, described by Palace sources as a personal one by the King, is part of what Buckingham Palace called a drive to modernise and increase public accountability.
A Palace spokesperson said the aim was to “explain all elements of royal finances in a way that further enhances clarity and accessibility”, adding: “To put it simply, we continue to modernise and evolve.”
What will be revealed?
The publication will cover Charles’s tax payments for the 2024-25 financial year. This will include tax on income from the Duchy of Lancaster, a private portfolio of land and property that generated around £26.8 million for the King last year, as well as earnings from his private estates of Sandringham and Balmoral, personal investments, and any other private income.
British monarchs are not legally required to pay income tax or capital gains tax, but Charles does so voluntarily. The total amount paid will be made public for the first time. His 2025-26 tax details will follow next year once the audit is complete.
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Why now?
The move follows public and parliamentary pressure for greater transparency over royal finances, partly in the wake of controversies surrounding Prince Andrew. MPs had called for more openness about the financial dealings of the royal family, and the Palace said the King had chosen to go further than required, the BBC reported.
Charles had previously disclosed his tax payments when he was Prince of Wales. His son William, now heir to the throne, has not done so since taking on that role. William received nearly £23 million from the Duchy of Cornwall last year and voluntarily pays the highest rate of income tax, though the actual sum he pays remains undisclosed.
The tax disclosure will be published alongside the annual Sovereign Grant accounts. The grant, which funds the official duties of the royal family, has risen to a record £137.9 million, though a reduction is expected to be announced shortly as part of a review by the Treasury, The Guardian reported.
(With inputs from agencies)
