Buckingham Palace has confirmed that King Charles will become the first head of state to publicly disclose his personal tax bill in a significant transparency move.
The decision is part of a broader effort by the royal household to increase “clarity and accessibility” around the monarchy’s finances through a new dedicated report.
A Buckingham Palace spokesperson confirmed that the move came directly from the King himself, describing it as part of ongoing adaptations carried across since his accession to the throne.
The spokesperson stated: “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.”
They added: “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 King’s private income sources include money from investments, trading profits, funds from his private estates of Balmoral and Sandringham, and personal savings.
The Duchy of Lancaster, a private portfolio of land, investments and commercial properties, provided Charles with an annual income of £26.8 million in the 2024/2025 financial year.
Charles voluntarily pays income tax on all his private income and capital gains tax on relevant elements of his assets, as outlined in the Memorandum of Understanding on Royal Taxation 2023, agreed by the Government.
The King’s total personal tax information for the 2024/25 financial year will be published later this week, alongside other reports covering the broader royal finances.
His 2025/26 tax details will be released next year once their audit has been completed, providing an ongoing annual record of the monarch’s personal tax contributions.
The announcement contrasts with the approach taken by the Prince of Wales, who has not disclosed the tax he has paid since becoming heir to the throne.
Prince William received nearly £23 million last financial year from the Duchy of Cornwall, a billion-pound hereditary estate featuring The Oval cricket ground and Dartmoor Prison.
William voluntarily pays the highest rate of income tax once official costs are deducted, but the precise amount he contributes has not been made public.
It was recently reported that William plans to invest £500 million from selling off a fifth of his duchy estate and other transactions to have a “positive impact on the world.”
Accounts detailing the Sovereign Grant, which funds the official duties of the royal family, will also be published at a press briefing this week alongside a new extensive royal household finance report.
Figures from last year showed the Sovereign Grant stood at £86.3 million, comprising £51.8 million for core costs and £34.5 million directed towards the Buckingham Palace Reservicing Programme.
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.”
The Duchy of Lancaster’s accounts will be published separately at an additional press briefing alongside the other financial disclosures being released this week.
A spokesperson described the wider ambition behind the changes, saying: “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.”
The Palace concluded with a straightforward summary of its intentions, stating: “To put it simply: we continue to modernise and evolve.”