King Charles has become the first head of state to publicly disclose his personal income tax returns, in an effort to enhance the transparency of the Royal Family’s finances.
The 77-year-old’s full personal tax information for the 2024-2025 financial year will be released next week, along with other financial reports. His tax information for 2025-2026 will be released next year, after the audit is complete.
“While this is the first time a monarch has publicly disclosed their personal tax information, please remember that he did the same when he was Prince of Wales. The decision to do this as monarch was made at the King’s direct request, as part of adjustments implemented since his accession to the throne,” Buckingham Palace stated.
The King’s personal income sources may include money from investments or business profits, income from his private estates Balmoral and Sandringham, and personal savings.
In addition, the Duchy of Lancaster – a portfolio of private assets including land, investments, and office, retail, and industrial properties – also provides the king with an annual income. In the 2024-2025 financial year, this income is projected to reach £26.8 million.
King Charles III voluntarily pays taxes on all of his personal income, as well as capital gains tax on the related assets, as stipulated in the 2023 Royal Taxation Memorandum adopted by the government.
Detailed reports on the sovereign grant, the funding source for official royal duties, will be released at a press conference next week, along with another comprehensive report on royal finances relating to the king.
A Buckingham Palace spokesperson said: “Our aim is to explain all elements of Royal finances in a way that further enhances clarity and accessibility, while placing them within their historical and constitutional context.”
Along with the report on funding for the monarch, the accounts of the Duchy of Lancaster will also be released at a separate press conference.
Regarding these changes, the Buckingham Palace spokesperson said: “In an effort to continuously improve and encourage a broader understanding of our accountability, the Royal Family has considered options to further enhance transparency – and today can announce further measures in line with our public service priorities. Simply put: we continue to modernize and adapt.”
This decision by the king, who spent the past week at Royal Ascot in Berkshire, contrasts with that of his son, the Prince of Wales, 43, who has never disclosed any tax payments since becoming heir to the throne.
William receives income from the Duchy of Cornwall, a multi-billion pound inherited estate that includes The Oval cricket ground and Dartmoor prison, providing the heir to the throne with a financial source independent of the king. In the last financial year, the Prince of Wales received nearly £23 million from the duchy and voluntarily paid the highest income tax rate after deducting official expenses. However, the specific amount of tax paid has not been disclosed.
:max_bytes(150000):strip_icc():focal(705x379:707x381):format(webp)/dominic-russo-mackenzie-shirilla-the-crash-051226-2c60a800cfbf4b4c9df0e98e939a4a5e.jpg)
