King Charles to reveal personal tax bill for first time

Buckingham Palace says tomorrow’s publication will form part of wider drive for transparency after scrutiny of royal finances

King Charles will tomorrow become the first British monarch in modern times to reveal how much personal tax he pays.

The King’s tax payments will be published as part of the annual royal financial accounts, in a move Buckingham Palace said was personally decided by the monarch.

The disclosure will show the tax paid for 2024–25 on income including profits from the Duchy of Lancaster, personal investments and earnings from private estates such as Sandringham and Balmoral.

The decision follows growing pressure for greater openness over royal finances after scandals involving Andrew Mountbatten-Windsor.

Buckingham Palace told the BBC that the move formed part of a modernising drive to improve transparency and “encourage wider understanding of our accountability”.

A palace spokesman said: “To put it simply, we continue to modernise and evolve.”

The spokesman said the palace was committed to publishing the King’s tax payments every year.

Monarchs have no legal obligation to pay income tax, capital gains tax or inheritance tax on assets received from a previous monarch.

King Charles voluntarily pays income tax and capital gains tax on the sale of private assets.

He also disclosed how much tax he paid while Prince of Wales.

The Duchy of Lancaster, a property and investment portfolio that provides much of the monarch’s private income, made profits of about £24 million last year.

The estate includes land in the north of England and property in central London.

Tomorrow’s financial report will also include details of the Sovereign Grant, the annual public funding used to support the Royal Household.

The grant covers official costs including staff, building upkeep and travel for public engagements.

The Sovereign Grant has risen to a record £137.9 million, with a temporary increase used to help pay for renovations to Buckingham Palace.

A review by the Treasury, Downing Street and the Royal Household is expected to lead to the first reduction in the grant since it was introduced in 2012.

MPs will have a chance to debate the Sovereign Grant when legislation comes before Parliament.

Royal property and leases will also face closer scrutiny from the Public Accounts Committee, which is preparing an inquiry after an initial National Audit Office report on royal accommodation.

That report found that Princess Beatrice and Princess Eugenie, the daughters of Andrew Mountbatten-Windsor, had properties in St James’s Palace and Kensington Palace.

The rent for their accommodation was paid by the King from his private income.

Buckingham Palace said parliamentary oversight already applied to the Sovereign Grant.

The palace said publishing the King’s personal tax information would “enhance this transparency still further” in a way “in keeping with our public service priorities”.

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_{Main image: King Charles III and Queen Camilla in front of the Sydney Harbour Bridge during their royal visit to Australia in October 2024. The King’s tax affairs will be revealed tomorrow for the first time, according to Buckingham Palace. Credit: NSW Government / CC BY 4.0}