King Charles to publish personal tax bill in first for UK head of state | Monarchy
King Charles will be the first head of state to reveal his personal tax bill, which the palace says is an attempt to increase the transparency of royal finances.
Charles, 77, will publish his financial details as part of the royal family and increase the “clarity and accessibility” of the monarchy’s finances by commissioning a new report on the matter.
The king’s total personal tax information for the 2024-25 financial year will be published next week, along with other financial reports. 2025-26 tax details will be released when the audit is completed next year.
The king’s decision, who spent the week at Royal Ascot in Berkshire, contrasts with his son, the Prince of Wales, 43, who has not disclosed the taxes he has paid since becoming heir to the throne.
A Buckingham Palace spokesman said: “Whilst this is the first time a monarch has shared this personal tax information, you may recall that it was similarly disclosed by His Royal Highness when he was the Prince of Wales.
“The decision to do this as monarch came at the express request of the king himself, as part of the adjustments made since accession.”
The King’s private sources of income may include money from investments or business profits, funds from his private estates at Balmoral and Sandringham, and private savings.
The Duchy of Lancaster property, a private portfolio of land, investment and office, retail and industrial property, also provides the king with an annual income of £26.8 million in 2024-25.
Charles voluntarily pays income tax on all his private income and pays capital gains tax on relevant elements of his assets, as set out in the Memorandum of Understanding on Royal Taxation 2023 adopted by the government.
William receives income from the Duchy of Cornwall, a multi-billion-pound hereditary estate that includes the Oval cricket ground and Dartmoor prison, providing funding for the heir to the throne independent of the monarch.
The prince received around £23 million from the duchy last financial year and voluntarily pays the highest income tax after deducting official costs, although the amount he pays in tax is not disclosed.
Accounts detailing the sovereign endowment that funds the royal family’s official engagements will be published at next week’s press conference, along with a separate comprehensive new royal family report on the monarch’s finances.
A Buckingham Palace spokesman said: “Our aim is to explain all elements of the royal finances in a way that further enhances openness and accessibility, while also placing it in its historical and constitutional context.”
The new publication and state grant report, as well as the accounts of the Duchy of Lancaster, will be published at another press conference.
A Buckingham Palace spokesperson said of the changes: “The Royal Family is continually considering options to further enhance this transparency to improve and promote a broader understanding of our responsibility, and may today announce additional measures in line with our public service priorities.”
“Simply put: we continue to modernize and develop.”
