Charles III to become first British monarch to disclose income

King Charles III will next week publish details of his income and tax payments, making him the first British monarch in modern history to take such a step. According to BBC, citing sources at Buckingham Palace, a new element will be added to the annual financial statement on Thursday: the King's tax return for the 2024–2025 financial year.

The decision was made personally by the King and is part of a modernization program aimed at greater transparency and accountability. This move follows calls for more openness about royal finances amid scandals surrounding Prince Andrew. The disclosed information will include taxes on income from the Duchy of Lancaster, personal investments, and private estates such as Sandringham and Balmoral.

The Duchy of Lancaster, which includes properties in northern England and central London, provides a significant portion of the monarch's personal income. Last year, the tax on the Duchy's profit was approximately £24 million. Although monarchs are not legally required to pay income tax, inheritance tax from the previous monarch, or capital gains tax, the King voluntarily pays these taxes. For the first time, the total amount of taxes paid will be disclosed, including the Duchy of Lancaster tax.

A Buckingham Palace spokesperson stated that the goal is to explain all aspects of royal finances to further enhance transparency and accessibility. As Prince of Wales, Charles had already published his tax payments.