The King will become the first sovereign to reveal his personal tax bill in an effort to improve transparency into royal finances
King Charles III will be the first sovereign to do this (Image: Getty)
King Charles III will release his own personal tax bill, becoming the first sovereign to do so. The move is an effort to improve transparency around royal finances, and the release has been ordered by the King himself. It comes as his royal household seeks to increase “clarity and accessibility” around the monarchy’s finances by producing a new report on the subject. His son,William, the Prince of Wales, meanwhile, has not disclosed the tax he has paid since becoming heir to the throne.
The release will give people an insight into the monarch’s annual earnings. It could include the King’s private sources of income, such as investments or trading profits, funds generated by his private estates of Balmoral and Sandringham and private savings. The King also earns money from the Duchy of Lancaster estate, which is a private portfolio of land, investments and office, retail and industrial properties. In 2024/2025, it earned him £26.8million.
The King voluntarily pays the highest rate of income tax, once official costs have been deducted. However, the amount of tax he pays is not disclosed.
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 Duchy of Lancaster estate was designed to provide the monarch of the day with an independent source of income and was historically known as the Privy Purse. It has been used for both official and private expenditure, and well to meet the expenses of other members of the Royal Family.
A Buckingham 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.”
Meanwhile, accounts detailing the Sovereign Grant, which funds the official duties of the royal family, will be published this month. It’s set to be released alongside a separate, extensive new royal household report on royal finances.
The Sovereign Grant stood at £86.3million last year, made up of £51.8million for core elements like travel and payroll costs and £34.5million to fund the Buckingham Palace Reservicing Programme.
The Duchy of Lancaster’s accounts will also be published at another press briefing.
A Buckingham Palace spokesperson said about the changes: “In order constantly to improve, and to encourage wider understanding of our accountability, the royal household has been considering options to enhance this transparency still further – and can today announce additional measures in keeping with our public service priorities.
“To put it simply: we continue to modernise and evolve.”
