King Charles to disclose personal tax bill for first time as Buckingham Palace moves to boost transparency
Buckingham Palace will publish King Charles III's personal tax payments for the 2024-25 financial year in its annual accounts, a first for a modern British sovereign. The decision follows scandals involving Prince Andrew and is part of a broader drive for openness and accountability.
King Charles III will become the first British monarch in modern times to publicly disclose his personal tax bill, Buckingham Palace has announced. The information will be published on Thursday as a new section of the royal household's annual financial accounts, with sources describing the decision as the King's personal choice.
A personal decision for transparency
The King, who had already disclosed his tax payments as Prince of Wales, is extending that practice to the sovereign. The palace says the move is a direct result of his personal wish, part of the adaptations made since his accession in 2022. The decision comes after years of demands from MPs and the public for greater openness following scandals involving Prince Andrew.
To put it simply, we continue to modernise and evolve.
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.
What will be disclosed
The tax information will cover the 2024-25 financial year and include the King's income from the Duchy of Lancaster estate, his private estates at Sandringham and Balmoral, personal investments, and savings. The Duchy of Lancaster, a portfolio of land and commercial properties in the north of England and central London, provided him with an annual income of between £24 million and £26.8 million, depending on the source. The King voluntarily pays income tax on all private earnings and capital gains tax on asset sales, in line with the Memorandum of Understanding on Royal Taxation 2023.
Financial backdrop
The disclosure will appear alongside details of the Sovereign Grant, the annual public funding for the Royal Household. This grant has reached a record £137.9 million, partly because of a temporary increase to fund the ongoing renovations at Buckingham Palace. A palace spokesman said the aim was to "explain all elements of royal finances in a way that further enhances clarity and accessibility." Monarchs are not legally required to pay income tax, inheritance tax on bequests from a previous monarch, or capital gains tax, but the King voluntarily pays the first two.
Contrast with the heir
While the King is making his tax payments public, his son Prince William has not revealed his tax contributions since becoming Prince of Wales. In the last financial year, he received nearly £23 million from the Duchy of Cornwall, a hereditary estate that includes assets such as The Oval cricket ground and Dartmoor Prison. He voluntarily pays the highest rate of income tax after official costs are deducted, but the total amount remains undisclosed.
Accountability and public mood
The shift toward transparency comes in the wake of the Andrew Mountbatten-Windsor scandals, which prompted MPs to demand greater scrutiny of royal finances. The palace says the King's tax bill will be an annual publication, signalling a permanent change in how the monarchy accounts for its private wealth. The first set of figures will be published later this week, with details for the 2025-26 tax year to follow next year after an audit.
