King Charles is set to become the first British monarch to publicly disclose his personal tax bill, marking a significant step towards greater transparency in royal finances.
The 77-year-old King will release details of the personal tax he paid during the 2024-25 financial year as part of a wider effort by Buckingham Palace to improve public understanding of how royal finances operate.
The figures will be published next week alongside the annual financial reports of the Royal Household. Details relating to the 2025-26 tax year will be released next year once the audit process has been completed.
The move reflects King Charles’s long-standing support for financial transparency. While serving as Prince of Wales, he regularly disclosed information about his personal tax payments, but no reigning monarch has previously published such details.
A Buckingham Palace spokesperson said: “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.”
The King’s private income is believed to come from a range of sources, including investments, private savings and revenue generated by his privately owned estates at Balmoral and Sandringham.
He also receives income from the Duchy of Lancaster, a substantial portfolio of land, property and investments that generated £26.8 million during the 2024-25 financial year.
Under the Memorandum of Understanding on Royal Taxation agreed with the Government, King Charles voluntarily pays income tax on his private income and capital gains tax on applicable assets.
The announcement contrasts with the position of the Prince of Wales, Prince William, who has not disclosed the amount of tax he pays since becoming heir to the throne.
Prince William receives income from the Duchy of Cornwall, a billion-pound estate that includes assets such as The Oval cricket ground and Dartmoor Prison. The duchy generated nearly £23 million for him during the last financial year.
Although the Prince voluntarily pays the highest rate of income tax after official expenses are deducted, the exact amount paid has not been made public.
Alongside the King’s tax information, Buckingham Palace will publish accounts for the Sovereign Grant, which funds the official duties of the Royal Family, as well as a new detailed report explaining the monarchy’s financial arrangements.
A Palace spokesperson said: “Our aim is to explain all elements of royal finances in a way that further enhances clarity and accessibility, while also placing it in its historical and constitutional context.”
The Duchy of Lancaster’s annual accounts will also be released separately.
Highlighting the broader reforms, Buckingham Palace added: “In order to constantly improve, and to encourage wider understanding of our accountability, the royal household has been considering options to enhance this transparency still further.”
“To put it simply: we continue to modernise and evolve.”