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Buckingham Palace has disclosed that King Charles III has paid more than £30 million ($39.6 million) in personal taxes since ascending the throne in September 2022, marking the first time a reigning British monarch’s tax contributions have been publicly released.
The announcement, made on Thursday, was described by the Palace as part of a broader “commitment to transparency” amid rising public scrutiny of royal finances.
According to the statement, the King’s total tax payments across two full tax years amount to £24.6 million, broken down into £11.7 million for 2023–24 and £12.9 million for 2024–25. A figure for the 2022–23 tax year was not provided.
“The amount of tax payable by His Majesty since Accession is more than £30 million,” the Palace said in its financial update.
The disclosure also extended to Prince William, who, for the first time, revealed his personal tax contributions, paying more than £20 million since becoming Prince of Wales. His payments included £8.34 million in 2023–24 and £7.76 million in 2024–25.
While UK monarchs are legally exempt from paying income, capital gains, and inheritance taxes, both Charles and William continue the voluntary practice of tax payments introduced in the 1990s following public pressure.
The release comes as scrutiny intensifies over royal finances, including funding streams such as the Sovereign Grant and private income from the Duchy of Lancaster and Duchy of Cornwall estates.
Separately, the Palace confirmed that the Sovereign Grant will rise to £137.9 million in 2026–27, supporting the final phase of a £370 million refurbishment of Buckingham Palace and wider maintenance across royal properties.
It also stated that Buckingham Palace will remain a ceremonial and administrative centre after the renovations, while King Charles and Queen Camilla will continue to reside at Clarence House.
The Crown Estate, which helps determine the Sovereign Grant, reported a drop in annual profits to £1.2 billion, down from £1.4 billion the previous year, largely due to reduced offshore wind revenues.
