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 enhance transparency surrounding royal finances. This decision comes as the royal household prepares to release a new report aimed at increasing “clarity and accessibility” regarding the monarchy’s financial affairs.
The King’s choice, made during a week spent at Royal Ascot, stands in contrast to the Prince of Wales, who has not revealed his tax contributions since ascending to his current role as heir to the throne.
A Buckingham Palace spokesperson confirmed the significance of the move, stating: “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 King’s private income streams encompass a variety of sources, including investments, trading profits, and funds generated from his private estates at Balmoral and Sandringham, alongside personal savings.
Additionally, the Duchy of Lancaster estate, a private portfolio comprising land, investments, and commercial properties, provided the King with an annual income of £26.8 million in the 2024/2025 financial year. This estate was historically established to furnish the monarch with an independent income, known as the Privy Purse, for both official and private expenditures, as well as supporting other members of the Royal Family.
Charles voluntarily pays income tax on all his private earnings and capital gains tax on relevant assets, in accordance with the Memorandum of Understanding on Royal Taxation 2023, which was agreed by the Government. His total personal tax information for the 2024-25 financial year is scheduled for publication later this week, alongside other reports on royal finances. Details for the 2025-26 tax year will follow next year, once their audit has been completed.
Meanwhile, Prince William receives income from the Duchy of Cornwall, a billion-pound hereditary estate that includes notable assets such as The Oval cricket ground and Dartmoor Prison. This provides the heir to the throne with funds independent of the monarch.
Last financial year, the prince received nearly £23 million from the duchy and voluntarily pays the highest rate of income tax after official costs are deducted, though the specific amount he pays in tax is not disclosed. It was recently reported that he plans to invest £500 million from the sale of a fifth of his duchy estate and other transactions, aiming to achieve 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 separate, extensive new royal household report on royal finances. Last year’s figures showed the Sovereign Grant stood at £86.3 million, with £51.8 million allocated for core elements like travel and payroll costs, and £34.5 million dedicated to the Buckingham Palace Reservicing Programme.
Regarding the new report, a Buckingham Palace spokesperson commented: “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.” In addition to this new publication and the Sovereign Grant report, the Duchy of Lancaster’s accounts will also be released at a separate press briefing.
A Buckingham Palace spokesperson further elaborated on the changes, stating: “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.”
