Britain’s King Charles to Reveal Personal Tax Bill: Reports
LONDON: Buckingham Palace told U.K. media on Saturday that King George III is under increasing public scrutiny of royal finances. He said Charles would release his personal tax bill in an effort to increase transparency.
British monarchs are legally exempt from paying certain taxes, although they have been paying some taxes voluntarily for decades.
They are also under no obligation to disclose their tax bills, but recent scandals surrounding disgraced former prince Andrew have thrust the royal family’s finances into the spotlight.
A Buckingham Palace spokesman told the Press Association that Charles would be the first monarch to share personal tax information.
“The decision to do this as Sovereign came at the express request of the King himself as part of the adaptations carried out since accession,” the spokesman said. he said.
“Our aim is to explain all elements of royal finances in a way that further enhances openness and accessibility, while also placing it in its historical and constitutional context.
“Simply put: we continue to modernize and develop.”
Charles’ tax information will be shared on Thursday as part of the royal’s annual financial accounts, the BBC reported.
Under British law, monarchs do not have to pay income tax, capital gains tax or inheritance tax.
However, since 1993 and the late Queen Elizabeth II. They pay the first two voluntarily, starting with Elizabeth.
Before ascending to the throne in 2022, Charles also announced how much tax he paid while he was the Prince of Wales.
The royal family has been trying to repair its image since it was revealed that Charles’ younger brother Andrew had ties to US sex offender Jeffrey Epstein.
Government auditors revealed this month that Andrew earned private income from renting out cottages while paying a symbolic “pepper rent” for a mansion for more than two decades.
The UK Treasury allocates an annual payment, known as the Sovereign Grant, to cover the royal family’s official duties.
Sources of the monarch’s private income include the historic estate of the Duchy of Lancaster, a large, diversified portfolio of land, property and investments.
The Duchy of Lancaster estate provided the King with annual income of 26.8 million pounds ($35.6 million) in 2024-25.
