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King Charles is set to become the first British monarch in modern history to publicly disclose his personal tax bill, marking a significant shift in royal financial transparency.
His tax payments for the 2024–25 financial year will be published on Thursday as part of the annual royal financial accounts. According to Buckingham Palace, the decision was made personally by the King and forms part of a broader effort to modernise the monarchy.
A Palace source said the publication is intended “to encourage wider understanding of our accountability,” while a spokesperson added that the institution continues to evolve.
The disclosure will include taxes paid on income derived from the Duchy of Lancaster, private investments, and earnings from estates such as Sandringham and Balmoral. The Duchy of Lancaster alone generated approximately £24 million last year, forming a substantial part of the monarch’s personal income.
Although monarchs are not legally required to pay income tax, inheritance tax, or capital gains tax on royal inheritances, King Charles voluntarily pays income and capital gains tax on eligible personal earnings. He had previously disclosed tax contributions during his time as Prince of Wales.
The move comes amid growing calls for greater openness in royal finances, intensified by controversies involving Andrew Mountbatten-Windsor.
MPs and public accountability groups have pushed for deeper scrutiny of royal income and expenditure.
The King’s tax disclosure will be published alongside details of the Sovereign Grant, which funds official royal duties. The grant has risen to a record £137.9 million, partly due to the cost of Buckingham Palace’s renovation, and has never fallen since its introduction in 2012. However, a reduction is now being considered following a Treasury-led review.
Further scrutiny is expected from Parliament and the Public Accounts Committee, which is launching an inquiry into royal property and Crown Estate leases.
Palace officials say the aim is to improve clarity, noting that greater openness “can enhance transparency still further” in line with public service expectations.
