King Charles reveals huge tax bill as he becomes first monarch to publish payments
King Charles made history by becoming the first monarch to publicly disclose his tax payments, placing him in the UK’s top 100 taxpayers for 2024-25.
This unprecedented disclosure aims to increase clarity and accessibility regarding royal finances.
The Prince of Wales, who initially resisted publishing his own tax details after inheriting the Duchy of Cornwall, has now also published his financial data as part of wider royal reports.
King Charles has paid more than £30 million in tax since his accession in September 2022. Prince William has contributed more than £20 million since becoming Prince of Wales.
James Chalmers, Keeper of the Privy Purse, said: “When His Majesty the Prince of Wales announced his tax, he asked that we, as king, make public the combination of income and capital gains tax payments.
“I can share with you today that Her Majesty’s tax payable for 2024-25 is £12.9 million.
“If annual media league tables on such matters are to be believed, this would place Her Majesty in the top 100 taxpayers in the country that year.
“I can also share with you that Her Majesty’s tax payable for 2023-24 is £11.7 million and Her Majesty’s total tax payable since her accession to the throne is more than £30 million – note that this is all on a voluntary basis.
“The tax payable for 2025-2026 is not yet available as the underlying figures are subject to audit and review in accordance with our normal reporting schedules.”
Charles voluntarily pays income tax on all his private income, capital gains tax on relevant elements of his assets and inheritance tax under regulations agreed by the late Queen and first came into force in 1993.
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 properties, also provides the King with an annual income of £25.2 million in 2025-26.
It was designed to provide the monarch of the time with an independent source of income, historically known as the Privy Purse, used for both official and private expenses and to defray the expenses of other members of the royal family.
William receives an income from the Duchy of Cornwall, a multi-billion-pound hereditary estate that owns the Oval cricket ground and funds the heir to the throne independently of the monarch.
It voluntarily pays tax on this income (£21.6 million from the duchy in 2025-26) which is not used to cover official expenditure.
The tax bill in income and capital gains tax in the 2024-25 financial year is £7.76 million, and in 2023-24 it is £8.34 million.
