King Charles Becomes First Monarch To Disclose Tax Payments As Royal Finances Are Published

King Charles III has become the first British monarch to publicly disclose his tax payments, with new accounts showing he paid £12.9 million in tax for the 2024–25 financial year.

The financial statements, released on June 25, show the King ranks among the UK’s top 100 taxpayers. Since his accession in September 2022, he has paid more than £30 million in tax on a voluntary basis, including income tax, capital gains tax, and inheritance tax under arrangements introduced in 1993.

The accounts also reveal that Prince William, Prince of Wales, has paid over £20 million in tax since becoming Prince of Wales, largely linked to income from the Duchy of Cornwall. He paid £7.76 million in 2024–25, following £8.34 million the previous year.

Royal funding through the Sovereign Grant rose by £45.8 million to £132.1 million for 2025–26, covering official duties and household costs.

King Charles’s private income includes estates such as Balmoral and Sandringham, as well as the Duchy of Lancaster, which generated £25.2 million in 2025–26.

The King and Queen will not take up residence at Buckingham Palace after its £370 million refurbishment is completed. Instead, it will remain a working royal headquarters with increased public access, while they continue living at Clarence House.