King Charles tax disclosure: King Charles reveals £12.9m tax bill for first time as monarchy’s public funding approaches £100m | World News
After the king’s death, the British royal family’s finances enter a new era of transparency charles Becoming the first reigning monarch to publicly disclose his personal tax bill, Buckingham Palace has confirmed that taxpayer funding for the monarchy will increase to nearly £100 million a year.Buckingham Palace made the unprecedented disclosure in the royal family’s annual financial statements, saying it was part of the king’s efforts to modernize the monarchy and make his finances more accessible to the public. The announcement also confirms that the Sovereign Grant – public funds used to support the monarchy in carrying out its official duties – will increase significantly over the next two years.For the first time in modern British history, a reigning monarch has voluntarily revealed how much personal tax he pays.According to the latest published accounts of the royal family, King Charles paid £12.9 million in income tax and capital gains tax in the 2024-25 financial year. Since taking the throne in 2022, the king has paid more than 30 million pounds in personal taxes.Taxes relate to income arising from the King’s private estates, investment income and other private sources in the Duchy of Lancaster, Sandringham and Balmoral. Buckingham Palace stressed that the king will not receive any personal income from the Sovereign Grant, which is used to fund official royal duties rather than private finances.A royal spokesman said the decision reflected the king’s desire for greater transparency and public understanding of the royal family’s finances, calling it another step in the monarchy’s ongoing modernization program.The financial report also confirmed another major royal decision.King Charles and Queen Camilla will not move into Buckingham Palace as their permanent residence, despite the £369 million refurbishment of Buckingham Palace being completed. Instead, they will continue to reside at Clarence House, while Buckingham Palace remains the monarchy’s official headquarters for state events, ceremonies and administrative operations.Palace officials said the decision will also allow the public to have greater access to parts of the historic building once the renovations are fully completed.Efforts to increase transparency extend beyond the King.Prince William confirmed that he paid £7.76 million in tax in the 2024-25 financial year. Since becoming the Prince of Wales following the death of Queen Elizabeth II in 2022, he has paid more than £20 million in tax on income from the Duchy of Cornwall and other private income.Although the figures are released voluntarily, Buckingham Palace has not released detailed calculations showing how tax liabilities are determined.The publication of the king’s personal tax bill marks one of the most significant changes to the royal family’s financial transparency in decades.Although the British monarch has voluntarily paid income tax since the 1990s, no reigning monarch has previously disclosed this amount. Royal officials hope the move will boost public confidence in the monarchy’s funding sources and help explain the differences between the king’s private wealth, the duchy and taxpayer-funded official spending.The revelations also come amid heightened scrutiny of the royal family’s finances, with campaigners calling for greater openness about how public funds are spent. Buckingham Palace said the latest report aimed to make the monarchy’s financial position clearer and easier for taxpayers to understand.
