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.
- He paid £11.7 million in taxes for the 2023-24 financial year.
- Prince William also disclosed his personal tax information for the first time.
- British monarchs are exempt from income tax and capital gains tax but Charles pays voluntarily.
King Charles III has made history by becoming the first reigning British monarch to publicly disclose his personal tax bill. Buckingham Palace announced on Thursday that the King paid £12.9 million in taxes for the 2024-25 financial year, a figure likely placing him among Britain's largest taxpayers. This voluntary disclosure, initiated at the King's request to enhance transparency, also revealed payments of £11.7 million in the preceding year and over £30 million since he ascended to the throne in September 2022.
His eldest son and heir, Prince William, also shared his personal tax information for the first time, having voluntarily paid more than £20 million since becoming Prince of Wales. The voluntary nature of these payments is significant, as British monarchs are legally exempt from income tax, capital gains tax, and inheritance tax on assets passed between sovereigns, a practice established in 1993.
The King's private income primarily stems from the Duchy of Lancaster, a vast estate generating approximately £25 million annually, supplemented by income from his personal estates and investments. This move towards greater financial transparency comes amid increased pressure on the royal household, partly due to the controversy surrounding Prince Andrew's association with Jeffrey Epstein.
However, the disclosure has not silenced all critics. Graham Smith of the anti-monarchy group Republic argued that the headline tax figure is misleading without a detailed breakdown of the King's income, suggesting the palace is attempting to portray him as a generous contributor while obscuring the full financial picture. This criticism is amplified by the substantial public funding the monarchy receives through the Sovereign Grant, which is projected to increase significantly before being reduced in subsequent years.
Despite the criticisms, the tax disclosure marks a historic moment, offering the public a glimpse into the voluntary tax contributions of a reigning monarch, even as the full extent of royal wealth remains private.