King Charles and Prince William reveal personal tax payments for first time, paying £50m+ combined since 2022

Historic disclosure

King Charles III has become the first reigning British monarch to publicly release his personal tax payments, publishing figures on Thursday that showed he has paid more than £30 million since his accession in September 2022. The palace said the move was part of a commitment to transparency, aiming to "encourage wider understanding of our accountability." Prince William, who inherited the Duchy of Cornwall upon his father's accession, also disclosed his tax bill for the first time, revealing payments of over £20 million during the same period.

Prince William pays income tax at the highest rate on any net surplus after those costs have been met. The prince recognises the interest in these arrangements and the importance of appropriate transparency.

The numbers

For the 2024-25 tax year, the King voluntarily paid £12.9 million and the Prince of Wales £7.76 million. In the previous year, Charles paid £11.7 million and William £8.34 million. The combined tax bill of father and son since they assumed their current titles tops £50 million, placing Charles among the very top of UK taxpayers, according to constitutional expert Craig Prescott.

This is likely to put him amongst the very top of taxpayers. It indicates that there is a very substantial private income.

Royal finances under scrutiny

The unprecedented disclosure comes as the monarchy's core funding, the Sovereign Grant, is set to jump to nearly £100 million in 2027-28 under a new formula that ties it to Crown Estate profits. In 2025-26 the grant reached £132 million, up from £86.3 million, and the palace's accounts show rising costs for property maintenance, travel, and housekeeping. The King's private income from the Duchy of Lancaster estate rose to £25.2 million, while William received £22.9 million from the Duchy of Cornwall.

Breaking with tradition

British sovereigns are legally exempt from income tax, capital gains tax, and inheritance tax. Since 1993 they have voluntarily paid the first two, a decision made after a fire at Windsor Castle sparked public debate over royal finances. Queen Elizabeth II never disclosed her tax payments during her 70-year reign; Charles had begun releasing his as Prince of Wales and chose to continue the practice as monarch. The disclosure also comes in the shadow of public scrutiny over his brother Prince Andrew's financial affairs, which have drawn damaging attention to the family's opaque wealth.

What remains hidden

Although the palace released the total tax figures, it did not provide a breakdown of the underlying income or any details about the King's private investment portfolio. Without that, it is impossible to calculate his effective tax rate. For comparison, Prime Minister Keir Starmer's published return showed an income of £152,255 and a tax bill of £54,718 for 2023-24, an effective rate of about 36 percent. The palace's report notes the King and Queen Camilla will continue to live at Clarence House rather than move into Buckingham Palace.