Key facts
- King Charles III will be the first British monarch to publicly disclose personal tax information.
- The King voluntarily pays income tax and capital gains tax on private income and asset sales.
- The disclosed tax information will cover income from the Duchy of Lancaster, private estates, and investments.
- The decision is a personal one by the King, aimed at increasing transparency and accountability.
- The King's tax payments will be published alongside the annual Sovereign Grant details.
King Charles III will become the first British monarch to publicly disclose personal tax information, a move initiated at his express wish to enhance transparency and accessibility around the monarchy's finances. The King's total personal tax information for the 2024-25 financial year will be published next week, with 2025-26 details to follow next year after an audit. This decision contrasts with his son, the Prince of Wales, who has not disclosed his tax payments. Charles voluntarily pays income tax on his private income and capital gains tax on relevant assets, as outlined in the Memorandum of Understanding on Royal Taxation 2023. His private income sources include the Duchy of Lancaster, which provided £26.8m in 2024-25, as well as income from private estates and investments. The publication of his tax details will accompany reports on the Sovereign Grant, the public funding for the Royal Household, and the Duchy of Lancaster's accounts. Buckingham Palace stated these measures are part of an ongoing effort to modernize and improve understanding of the royal household's accountability.