Key facts
- King Charles III is the first reigning British monarch to publicly disclose his personal tax bill.
- The King paid £12.9 million in taxes for the 2024-25 financial year.
- British monarchs are legally exempt from income tax, capital gains tax, and inheritance tax.
- King Charles III voluntarily pays some income tax, capital gains tax, and inheritance tax.
- Prince William also disclosed his personal tax information for the first time.
King Charles III has become the first reigning British monarch to publicly disclose his personal tax bill, paying £12.9 million for the 2024-25 financial year. This voluntary disclosure, aimed at increasing transparency, also revealed Prince William's personal tax information for the first time. British monarchs are legally exempt from income tax, capital gains tax, and inheritance tax, but Charles voluntarily pays some of these taxes under a Memorandum of Understanding (MoU) established in 1993 and updated in 2023. The exact calculation of the bill remains unclear, with the King only paying tax on income not spent on official royal duties, funded by the Sovereign Grant or Privy Purse. Experts note that the voluntary nature of these payments leads some to question if they constitute true taxation.