London: King Charles III will become the first British monarch in modern history to publicly disclose his personal tax payments, marking a significant step toward greater transparency in the Royal Household’s finances.
The King’s tax payments for the 2024-25 financial year will be published, as part of the annual royal financial accounts. Buckingham Palace said the decision was a personal initiative by the King and reflects the monarchy’s ongoing efforts to modernise and improve public accountability.
Palace officials said the move aims to provide a clearer understanding of royal finances and follows growing calls for greater openness, particularly after controversies involving Prince Andrew.
The published figures will include the King’s voluntary income tax payments on earnings from the Duchy of Lancaster, private investments, and personal estates such as Sandringham and Balmoral. Although British monarchs are not legally required to pay income tax, inheritance tax on assets inherited from a previous monarch, or capital gains tax in certain circumstances, King Charles voluntarily pays income tax and capital gains tax on his private income and asset sales.
One of the key details expected in the report is the amount of tax paid on profits from the Duchy of Lancaster, which generated approximately $31.8 million (£24 million) last year. The estate, comprising properties across northern England and central London, provides much of the monarch’s private income.
Buckingham Palace described the disclosure as part of a broader effort to modernise the monarchy and make royal finances easier for the public to understand.
The King’s tax information will be released alongside details of the Sovereign Grant, the taxpayer-funded budget that supports the Royal Household’s official duties, staff salaries, building maintenance, and travel expenses.
The Sovereign Grant currently stands at a record $183 million (£137.9 million), largely due to a temporary increase to fund the ongoing refurbishment of Buckingham Palace. However, a reduction in the grant is expected to be announced following a review by the UK Treasury, Downing Street, and the Royal Household.
The upcoming financial report is also expected to face increased parliamentary scrutiny. MPs will debate future funding arrangements for the Sovereign Grant, while the Public Accounts Committee is launching an inquiry into royal property and Crown Estate leases.
A recent National Audit Office report also highlighted that Princess Beatrice and Princess Eugenie, who are not working royals, occupy properties within St James’s Palace and Kensington Palace, with their rent being paid by the King from his private income.
Buckingham Palace said the publication of the King’s personal tax payments represents another step in strengthening public confidence and aligns with the monarchy’s commitment to openness and public service.
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