King Charles III Releases Historic Tax Disclosure

A Historic Step Toward Transparency

Buckingham Palace on Thursday disclosed that King Charles III paid £12.9 million (€15 million) in tax for the 2024–25 financial year, a figure that likely places him among the UK's largest taxpayers. The palace said the disclosure was made at the King's own wish as part of a drive for greater transparency.

It also revealed that he paid £11.7 million (€13.5 million) the previous year and more than £30 million (€34.8 million) in total since acceding to the throne in September 2022. Prince William, the heir to the throne, voluntarily disclosed his personal tax information for the first time, having paid over £20 million (€23.2 million) in tax since inheriting the title of Prince of Wales.

Voluntary Payments Without Legal Obligation

The figures are unusual because the King is under no legal obligation to pay most of this tax. British monarchs are exempt from income tax and capital gains tax, and crucially pay no inheritance tax on assets passed from one sovereign to the next, an exemption rooted in a 1993 arrangement. King Charles III pays income and capital gains tax voluntarily, following a practice begun by his late mother, Queen Elizabeth II.

The bulk of the King's private income comes from the Duchy of Lancaster, a centuries-old estate of farmland and commercial property worth hundreds of millions of pounds, which generated around £25 million (€29 million) for the monarch last year. Further income comes from his private estates at Balmoral and Sandringham, as well as personal investments.

Pressure from Scandal and Criticism

The timing is no accident. The royal household has faced mounting pressure to open up its finances following the scandal surrounding the King's brother, Andrew Mountbatten-Windsor, who is under police investigation over allegations linked to his relationship with the late sex offender Jeffrey Epstein. The tax disclosure was unveiled alongside other attempts to modernise the institution, including confirmation that King Charles III will not live in Buckingham Palace once its £369 million (€428 million) refurbishment is complete.

However, not everyone was persuaded. Graham Smith of the anti-monarchy group Republic argued that the headline figure means little without a corresponding breakdown of the King's income, accusing the palace of presenting the King as a generous contributor while leaving bigger questions unanswered. Criticism is sharpened by the scale of public funding the monarchy receives, with the taxpayer-funded Sovereign Grant due to rise to £137.9 million (€160 million) in 2026–27, though officials confirmed it will be cut to around £100 million (€116 million) a year from 2027.

A Historic Moment

For all the caveats, the moment remains historic. For the first time in modern British history, the public can see how much a reigning monarch has voluntarily paid in tax, even if the full picture of royal wealth remains firmly behind palace walls.