King Charles III will become the first British monarch to make his personal tax information public in a move aimed at increasing royal finance transparency. Buckingham Palace said the King himself wanted to release the details as part of efforts to make information about the monarchy easier for the public to understand, reported The Guardian.
The financial details for the 2024-25 financial year will be released next week along with other reports on royal finances. The King’s tax information for the 2025-26 financial year will be published next year after the accounts are audited.
The decision marks another step in King Charles‘s efforts to modernise the monarchy. Although no reigning monarch has previously disclosed personal tax information, Charles voluntarily released similar details when he was the Prince of Wales.
A Buckingham Palace spokesperson said, “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 spokesperson added, according to The Guardian report.
Why is King Charles releasing his tax details?
Buckingham Palace said the move forms part of a broader plan to improve the clarity and accessibility of information about royal finances, reported The Guardian. The palace wants to provide a clearer picture of how the monarchy is funded and how money linked to the royal household is managed.
The King’s private income comes from several sources. These may include returns from investments, income from private estates such as Balmoral and Sandringham, and personal savings. He also receives money from the Duchy of Lancaster, a private estate that includes land, investments and commercial properties, reported The Guardian.
The Duchy of Lancaster generated an annual income of £26.8 million for the King in the 2024-25 financial year. Under the Memorandum of Understanding on Royal Taxation agreed with the government in 2023, King Charles voluntarily pays income tax on his private income and capital gains tax on certain assets, as per The Guardian report.
How are other royals taxed?
Prince William, who became heir to the throne after Charles became king, has not disclosed the amount of tax he pays. William receives income from the Duchy of Cornwall, a hereditary estate valued at around £1 billion, reported The Guardian. The estate includes assets such as The Oval cricket ground and Dartmoor prison. It provides the Prince of Wales with an independent source of funding separate from the monarch.
The prince received almost £23 million from the duchy during the last financial year, reported The Guardian. He voluntarily pays the highest rate of income tax after deducting official expenses. However, the exact amount of tax he pays has not been made public.
Buckingham Palace will also release the accounts of the sovereign grant next week. The sovereign grant funds the official duties and activities of the royal family. The palace will also publish a separate and more detailed report on the monarch’s finances. The accounts of the Duchy of Lancaster will also be made public.
A Buckingham Palace spokesperson said, “In order to constantly improve, and to encourage wider understanding of our accountability, the royal household has been considering options to enhance this transparency still further.” The spokesperson added, “To put it simply: we continue to modernise and evolve.”