King Charles III has become the first British monarch to publicly disclose his tax payments, revealing that he paid £12.9 million in tax during the 2024–2025 financial year.
The figures, released in the annual royal report and financial accounts, place the King’s tax contribution among the highest in the United Kingdom, potentially ranking him within the country’s top 100 taxpayers.
Meanwhile, Prince William disclosed that he paid £7.76 million in tax over the same period.
Move follows calls for greater transparency
The decision to release the figures follows growing calls for more openness surrounding royal finances and public accountability.
Buckingham Palace said the publication was intended to improve transparency and increase public understanding of how the monarchy operates financially.
The move was described as a personal decision by both the King and Prince William.
Royal finances and Sovereign Grant funding
The accounts also showed that the King paid £11.7 million in tax during 2023–2024, while Prince William paid £8.34 million in the same period.
The report further revealed changes to the Sovereign Grant, the main source of public funding for the Royal Household.
The grant stood at £86.3 million for 2024–2025, including £51.8 million for core spending and £34.5 million allocated for renovations at Buckingham Palace.
Once renovation works are completed, the overall figure is expected to reduce, although the core funding element is projected to rise significantly by 2027–2028.
Charles and Camilla to remain at Clarence House
The accounts also confirmed that Queen Camilla and the King will continue living at Clarence House instead of moving permanently into Buckingham Palace after refurbishment work concludes.
King Charles receives income from the Duchy of Lancaster estate, which generated £25.2 million during the 2025–2026 period. Additional taxable income sources include investments and private estates such as Balmoral and Sandringham.
Debate over royal costs continues
While supporters viewed the tax disclosure as a step towards greater accountability, critics argued that questions remain over the wider financial structure surrounding the monarchy.
Some commentators said the figures still lack a detailed breakdown of taxable income, deductions and expenses used to calculate the final payments.
Prince William also announced he would no longer personally benefit from the annual rental income generated by Dartmoor Prison, saying the funds would instead support local communities.
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