King Charles will become the first British monarch in modern times to reveal how much tax he pays, publishing his personal tax bill for the 2024-25 financial year alongside the annual royal accounts next week. The decision, Buckingham Palace said, was a personal one by the King, part of a drive to “modernise and evolve” royal finances and “encourage wider understanding of our accountability”.
The move follows years of calls for greater transparency after scandals surrounding Andrew Mountbatten-Windsor, with MPs among those demanding more openness. The King voluntarily pays income tax on all his private income and capital gains tax on relevant assets – he is not obliged to, but has chosen to do so since his time as Prince of Wales.
“King Charles will become the first British monarch to publish his personal tax bill, including income from the Duchy of Lancaster.”
The published figure will include tax on profits from the Duchy of Lancaster, a private portfolio of land and property that provides much of the monarch’s personal income – about £24m last year. It will also cover income from investments, trading profits, funds generated by his private estates of Balmoral and Sandringham, and private savings. The total will be revealed as a single lump sum, not broken down by source.
“Our aim is to explain all elements of royal finances in a way that further enhances clarity and accessibility,” a Palace spokesman said. The King’s 2025-26 tax details will follow next year after audit.
The announcement puts pressure on the Prince of Wales to follow suit. William, who inherited the Duchy of Cornwall when Charles became King, has chosen not to disclose the amount of tax he pays – a reversal of his father’s practice when he was heir. Journalist David Dimbleby has labelled William “secretive” over the decision.
The royal accounts will also detail the Sovereign Grant, the annual public funding for the Royal Household, which has risen to a record £137.9m, partly to pay for Buckingham Palace renovations. That grant is expected to see its first reduction soon as part of a review by the Treasury, Downing Street and the Royal Household.
“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,” a Palace spokesperson said. “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.”