LONDON, United Kingdom — King Charles III has made history by becoming the first British monarch to publicly disclose the amount of tax he pays, revealing a voluntary tax bill of £12.9 million for the 2024–2025 financial year in a landmark move aimed at increasing transparency within the monarchy.
The disclosure, published in the Royal Household’s annual financial report, places the King among the United Kingdom’s highest taxpayers. The report also revealed that the Prince of Wales, Prince William, voluntarily paid £7.76 million in income and capital gains tax over the same period.
According to Buckingham Palace, the decision by both the King and Prince William to make their tax payments public was a personal one, intended to promote greater accountability and improve public understanding of the monarchy’s finances.
“This is about encouraging wider understanding of our accountability,” palace officials said, describing the move as part of broader efforts to increase financial transparency.
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The King’s latest tax payment follows the £11.7 million he paid during the 2023–2024 financial year, while Prince William paid £8.34 million during the same period. Together, father and son have contributed more than £50 million in tax to HM Revenue and Customs since King Charles ascended the throne in 2022.
Despite the unprecedented disclosure, the report provides little information about how the figures were calculated. It does not specify how much of the payments relate to income tax or capital gains tax, nor does it explain what expenses or deductions were applied before the final tax liability was determined.
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Tax policy expert Dan Neidle criticised the limited disclosure, describing it as “highly opaque.” Speaking to the BBC’s Today programme, he argued that while the headline figures were significant, the absence of detailed calculations makes it impossible to fully assess the King’s tax affairs.
King Charles receives much of his private income from the Duchy of Lancaster, a historic estate consisting of land, commercial properties and investments that provides the reigning monarch with an independent source of income for official and personal expenditure. The estate generated £25.2 million in income during the 2025–2026 financial year. Additional taxable income comes from the King’s private investments, savings, and his privately owned Balmoral and Sandringham estates.
Prince William’s principal source of income is the Duchy of Cornwall, the hereditary estate traditionally inherited by the heir to the throne. Palace officials said the Prince pays income tax at the highest rate on any net surplus after legitimate operating costs have been deducted and independently audited.
In another notable announcement, Prince William confirmed he will no longer personally benefit from the £1.5 million annual rent generated by the now-closed Dartmoor Prison. Instead, he has directed that the money be used to support communities around Princetown and other rural areas affected by the prison’s closure.
The annual report also revealed that King Charles and Queen Camilla will continue living at Clarence House rather than moving into Buckingham Palace after the extensive refurbishment project is completed next year. Palace officials said the decision would allow greater public access to Buckingham Palace while helping generate additional revenue from visitors.
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Meanwhile, the Royal Household confirmed that the Sovereign Grant—the public funding that supports the official duties and operations of the monarchy—will increase to £99.9 million annually from the 2027–2028 financial year. The funding will be used to maintain historic royal buildings, improve cybersecurity across royal residences and invest in environmentally sustainable infrastructure, including an £11 million programme to replace ageing boilers at Windsor Castle.
Officials stressed that the Sovereign Grant does not provide personal income to members of the Royal Family but instead finances the work of the institution, including staffing, official engagements, palace maintenance and travel.
The report also detailed royal travel expenses over the past year. Prince William’s three-day visit to Saudi Arabia was the most expensive overseas trip, costing just over £130,000, narrowly exceeding the £126,946 spent on the King and Queen’s state visit to Italy. Royal helicopter travel amounted to 177 flights, costing £733,063, while one royal train journey to Lancaster cost £48,460. The royal train is expected to be retired by 2027 as part of cost-saving measures.
Elsewhere, operating profits at the Crown Estate declined from £1.4 billion to £1.2 billion, largely due to reduced revenue from offshore wind option fees as projects progressed from licensing into construction. Although the Crown Estate’s profits serve as the benchmark for calculating the Sovereign Grant, the estate itself remains independently managed, with its profits paid directly to the UK Treasury.
Historians say the King’s decision to disclose his tax bill reflects growing public expectations for openness regarding royal finances. Supporters have welcomed the move as an important step toward greater accountability, while critics argue that significantly more detail is needed before the public can fully evaluate the monarchy’s financial affairs.
As scrutiny of royal spending continues, the unprecedented disclosure signals a new chapter in how Britain’s Royal Family seeks to balance centuries-old tradition with modern demands for transparency.
