King Charles III will go down in history as the first British monarch to publicly disclose what personal taxes he pays. The total amount paid by him for the 2024/25 financial year will be announced later this week as part of the royal family's annual financial report.
Buckingham Palace explained that the decision was made with the aim of promoting a "wider understanding of our accountability" and fits into efforts to increase "transparency" around royal finances. According to the spokesperson, this is an idea that came personally from Charles III after his accession to the throne.
"While this is the first time a monarch has shared this personal tax information, you may recall that His Majesty published similar data when he was the Prince of Wales.
"The decision to do so as sovereign was taken at the express wish of the King himself as part of the changes introduced after his accession to the throne," the palace spokesperson pointed out.
The gesture by the King, who in recent days has been one of the main figures at "Royal Ascot", stands in stark contrast to the approach of the current Prince of Wales. The heir to the throne has so far not disclosed his personal tax data since taking up that position.
The sources of Charles III's personal income include income from investments and commercial activities, proceeds from his private Balmoral and Sandringham estates, as well as personal savings. His property portfolio also plays a significant role – the "Duchy of Lancaster", representing a private package of lands, investments, office, commercial and industrial properties. From this duchy alone, the King receives an annual income of 26.8 million British pounds for 2024/25.
Under a memorandum agreed with the government in 2023, Charles III voluntarily pays income tax on all his personal income, as well as capital gains tax on relevant assets. Thus, although he is not formally required to do so in the same way as ordinary taxpayers, the monarch chooses to follow general taxation principles.
The specific amount of tax paid will be published along with the report on royal finances and information on the "Sovereign Grant" – the state subsidy that funds the official activities of the monarchy. It is increasing from 86.3 million pounds in 2024/25 to 132 million pounds in 2025/26, a change that has long sparked active public debate in the UK.
Buckingham Palace states that this will not be a one-time gesture. King Charles III intends to publish his tax data annually. Information for the 2025/26 financial year is expected to be released after the completion of the next audit and included in the regular report on royal finances.
The palace spokesperson emphasized that this is part of a broader strategy for the modernization of the institution: "With the aim of continuous improvement and promoting a wider understanding of our accountability, the royal household is looking at various opportunities to further increase this transparency and today can announce additional measures, consistent with our public service priorities.
"Put simply: we continue to modernize and evolve. Our goal is to present all aspects of royal finances in a way that further improves the clarity and accessibility of the information, while placing them in their historical and constitutional context."
With this move, Charles III is attempting to meet the expectations of British society for greater transparency from an institution that has traditionally been associated with strict discretion regarding the monarch's personal income and privileges.