King Charles III voluntarily pays millions in tax, first time sum is public

King Charles III has voluntarily paid £12.9 million in taxes for the 2024/25 tax year, a figure revealed by the British Royal Household. This disclosure marks the first time such a sum has been made public, positioning the King among the United Kingdom's 100 largest taxpayers. Although not legally obligated to pay income tax, capital gains tax, or inheritance tax, Charles, following the precedent set by Queen Elizabeth II after 1993, has chosen to do so voluntarily.

The Royal Household has committed to greater financial transparency in recent years, a move that has gained momentum since Queen Elizabeth II's death in 2022. The King's financial manager, James Chalmers, reported that Charles paid £11.7 million in tax for the 2023/24 tax year. Since ascending to the throne in 2022, Charles has paid over £30 million in taxes.

The King's income primarily stems from the Duchy of Lancaster, a significant estate that has provided revenue to British monarchs since the Middle Ages, generating £328 million in 2025/26. He also earns income from other properties and investments. Additionally, the Royal Family receives public funding through the Sovereign Grant, which covers expenses such as staff, royal properties, and travel.

Chalmers noted that the Sovereign Grant for 2026/27 is set at 1.8 billion Norwegian kroner, with a planned reduction to 1.3 billion kroner annually until 2031/32, aligning with the King's wishes. This reduction follows a period where the grant increased significantly to fund Buckingham Palace renovations. Prince William, the heir to the throne, has also begun publicly disclosing his tax figures, reporting £100 million in taxes for 2024/25 and allocating £19.5 million in rental income from a closed prison to the local community.

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His Majesty's clear wish.