King Charles III becomes first British monarch to disclose personal tax payments, paying £12.9 million last year
In a historic transparency move, King Charles III has released his personal income and capital gains tax figures, showing he paid £12.9 million in the 2024/25 financial year. The monarch also confirmed he will not move into Buckingham Palace once its £369 million renovation ends next year.
A first for the crown
Charles III has taken the unprecedented step of publishing his tax returns, a first for a reigning British monarch. The figures show he paid £12.9 million (€16.1 million) in income and capital gains tax in the 2024/25 financial year, up from £11.7 million the previous year. Since his accession in 2022, the king has paid more than £30 million (€35 million) in taxes on his private income, which comes mainly from land holdings and agricultural leases.
Heir follows suit
Prince William, who became Prince of Wales after his father's coronation, also disclosed his tax payments for the first time. He paid £7.76 million in the past tax year, slightly less than the year before. Since inheriting the title, William has paid over £20 million (€23 million) in income and capital gains tax.
The palace that won't be a home
Despite a £369 million renovation begun in 2017 and due to finish next year, Buckingham Palace will not become the private residence of Charles III and Queen Camilla. The couple will continue living at nearby Clarence House, which they have occupied since 2002. The palace will remain the ceremonial and administrative heart of the monarchy, with expanded public access. The decision is part of a broader shift to open up royal spaces.
The King and Queen will not make Buckingham Palace a private residence. In line with Their Majesties' wish, the palace will remain the ceremonial centre of royal life, the principal workplace of the Royal Household, and a national heritage site with enhanced public access.
Financial pressure and the Andrew affair
The disclosures come as the monarchy faces calls for greater accountability. The scandal surrounding Prince Andrew, including his links to convicted sex offender Jeffrey Epstein, has drawn public scrutiny. Recently it emerged that Andrew had supplemented his income by subletting cottages on a royal estate where he lives almost rent-free. Alongside the tax news, the Sovereign Grant budget is set to shrink from £132 million to £99.9 million over the next five years, with much of it earmarked for maintaining royal property.
The publication is part of efforts to increase transparency.
A modernising monarchy
By voluntarily disclosing his finances, Charles extends a practice he began as Prince of Wales and builds on a tradition started by Queen Elizabeth II in 1993, when she first chose to pay income and capital gains tax. The palace frames the move as part of its drive to present the monarchy as a modern, accountable institution.
