King Charles to become first head of state to publicly disclose personal tax bill
The king is set to make an unprecedented move by becoming the first head of state to publicly disclose his personal tax bill in a bid to increase transparency in royal finances. The decision comes as the royal family prepares to publish a new report aimed at improving “openness and accessibility” into the monarchy’s financial affairs.
The King’s choice during a week at Royal Ascot contrasts with the Prince of Wales, who did not disclose his tax contributions after ascending to his current post as heir to the throne.
A Buckingham Palace spokesman confirmed the significance of the move, saying: “While 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 Prince of Wales. The decision to do this as Sovereign was taken at the express request of the King himself, as part of the adjustments made since accession.”
The King’s private income streams cover a variety of sources, including personal savings as well as investments, business profits and funds from his private estates at Balmoral and Sandringham.
Additionally, the Duchy of Lancaster estate, a private portfolio of land, investments and commercial properties, provided the King with annual income of £26.8 million in the 2024/2025 financial year. This estate was historically established to provide the monarch with an independent income, known as the Privy Purse, for both official and private expenses and to support other members of the Royal Family.
Charles voluntarily pays income tax on all his private earnings and capital gains tax on relevant assets, in line with the Memorandum of Understanding on Crown Taxation 2023 adopted by the Government. Total personal tax information for the 2024-25 financial year is scheduled to be published later this week, along with other reports on the royal finances. Details for the 2025-26 tax year will be announced next year once audits are completed.
Prince William, meanwhile, receives income from the Duchy of Cornwall, a multi-billion pound hereditary estate that includes major assets such as the Oval cricket ground and Dartmoor Prison. This provides the heir to the throne with funding independent of the monarch.
Last financial year the prince received around £23 million from the duchy and voluntarily paid the highest income tax after deducting official charges, although the amount of tax he paid was not disclosed. It was recently reported that he plans to invest £500 million from the sale of a fifth of the duchy’s properties and other transactions, aiming to have a “positive impact on the world”.
Accounts detailing the Sovereign Grant, which funds the Royal Family’s official duties, will also be published at a press conference this week, alongside a separate, comprehensive new royal family report on royal finances. Last year’s figures showed the Government Grant was £86.3 million, with £51.8 million allocated to essentials such as travel and payroll costs and £34.5 million to the Buckingham Palace Reservations Scheme.
Commenting on the new report, 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.” In addition to this new publication and the Sovereignty Grant report, the Duchy of Lancaster’s accounts will also be released at a separate press conference.
Elaborating further on the changes, a Buckingham Palace spokesperson said: “To continually improve and promote a broader understanding of our responsibility, the royal family is considering options to further increase this transparency and may today announce additional measures in line with our public service priorities. Simply put: we continue to modernize and evolve.”
