King Charles to reveal personal tax bill for first time as monarch

King Charles III is set to break with tradition by revealing his personal tax bill, a move Buckingham Palace attributes to a drive for modernization and greater transparency. This decision makes him the first British monarch in modern times to publicly disclose his financial obligations.

The King's tax payments for the 2024-25 period will be included in the annual royal financial accounts. This disclosure will cover taxes on his income from sources such as the Duchy of Lancaster, personal investments, and private estates like Sandringham and Balmoral. The move is reportedly a personal one by the King, aiming to foster wider understanding of royal accountability.

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To put it simply, we continue to modernise and evolve.

This initiative follows calls for increased openness regarding royal finances, particularly in the wake of scandals involving Prince Andrew. While monarchs are not legally obligated to pay income tax, inheritance tax on assets inherited from a previous monarch, or capital gains tax, King Charles voluntarily pays income and capital gains taxes on the sale of private assets. The Duchy of Lancaster's profits alone were approximately £24 million last year, forming a significant portion of the monarch's personal income.

A Buckingham Palace spokesman stated that this step is part of a continuous effort to modernize and evolve, with a commitment to annual tax publication. The King previously disclosed his tax payments when he was Prince of Wales. The upcoming financial report will also detail the Sovereign Grant, the public funding for the Royal Household, which has risen to a record £137.9 million, partly due to renovations at Buckingham Palace. A reduction in the grant is anticipated as part of a review by the Treasury, Downing Street, and the Royal Household.

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Our aim is to explain all elements of royal finances in a way that further enhances clarity and accessibility.