King Charles becomes first UK monarch to disclose tax payment
What's the story
King Charles has become the first British monarch to publicly disclose his tax payments. The King paid £12.9 million in taxes for the 2024-2025 financial year, placing him among the top 100 taxpayers in the United Kingdom. His son, Prince William, also revealed he paid £7.76 million in taxes during the same period.
Funding increase
Sovereign Grant funding for royal household
The annual public funding for the Royal Household, known as the Sovereign Grant, is set to nearly double to just under £100 million by 2027-28. The grant for 2024-25 was £86.3 million, with £51.8 million allocated for core spending and an additional £34.5 million earmarked for Buckingham Palace renovations. This funding covers royal expenses such as staffing, travel, and palace maintenance costs.
Transparency effort
Move aims to increase transparency and accountability
The decision to publicly disclose their tax payments was a personal choice made by both King Charles and Prince William, their respective offices stated. Buckingham Palace has said this move is aimed at increasing transparency and accountability. Since their respective appointments, the combined tax payments of father and son to HM Revenue and Customs have exceeded £50 million.
Income sources
King's income sources and tax details
The King gets an annual income from his Duchy of Lancaster estate, which provides him with £25.2 million in 2025-26. Other taxable income sources include his investments and private estates, Balmoral and Sandringham. However, the exact breakdown of how the King's tax was calculated remains unclear, as no detailed information has been provided on capital gains or income tax deductions.
Other disclosures
Prince William's income sources and expenses
Prince William's income comes from the Duchy of Cornwall, a 130,000-acre estate that funds his official duties and private life. He has also decided not to personally benefit from the £1.5 million annual rent generated by Dartmoor Prison, instead directing it toward local community support. The most expensive overseas royal visit was Prince William's trip to Saudi Arabia, costing over £130,000.
Funding allocation
Increase in sovereign grant funding
The increase in the Sovereign Grant is part of a new formula that will see the Royal Household receive £99.9 million annually from 2027-2028. This additional funding will be used for maintaining historic buildings, enhancing cybersecurity at royal residences, and transitioning to green energy. James Chalmers, Keeper of the Privy Purse and Treasurer, emphasized that expenditure is governed by strict value-for-money requirements.
Residence decision
Other key takeaways from the report
The King and Queen have decided to continue living in Clarence House instead of moving into Buckingham Palace. This decision is aimed at allowing greater public access to the palace, which is undergoing refurbishments costing just under £370 million. Historian Anna Whitelock noted that this tax disclosure is a response to demands for greater accountability and transparency from the monarchy.