King Charles to publish personal tax details for the first time as monarch, palace announces
King Charles III will publish his tax payments for the 2024/25 fiscal year on Thursday, becoming the first British monarch to do so, Buckingham Palace confirmed.
Breaking with precedent
King Charles III will disclose his personal tax payments on Thursday, a historic first for a British sovereign. The decision was made at the king’s own request, a palace spokesperson said, and is part of “adaptations implemented since his accession to the throne.” The announcement follows growing public and media scrutiny of royal finances, fuelled by controversies involving Prince Andrew.
Our aim is to explain all elements of royal finances in a way that enhances clarity and accessibility, placing them in historical and constitutional context.
The tax information covering the 2024/25 financial year will be included in the annual royal financial report, alongside the Sovereign Grant that covers official expenses.
A tradition of voluntary taxation
British monarchs are not legally required to pay income tax, capital gains tax or inheritance tax. However, since 1993 Queen Elizabeth II voluntarily paid income and capital gains tax, a practice continued by Charles. The arrangement is formalised in a 2023 Memorandum of Understanding on Royal Taxation with the government.
Charles is no stranger to tax disclosure. As Prince of Wales, he made his tax returns public, reporting nearly £5.9 million in income tax for 2021/22. His eldest son, Prince William, does not disclose his own tax details.
- Queen Elizabeth II introduces voluntary payment of income and capital gains tax.
- Charles III accedes to the throne after Elizabeth II’s death.
- Memorandum of Understanding on Royal Taxation is agreed with the government.
- Charles III publishes his personal tax payment for the 2024/25 fiscal year.
Revenue sources and the Duchy of Lancaster
The king’s private income comes from investments, personal estates such as Balmoral and Sandringham, and the Duchy of Lancaster, a portfolio of land, property and financial assets. For 2024/25, the Duchy generated £26.8 million for the monarch, according to palace figures.
Pressure from the Andrew scandal
Calls for greater financial openness grew louder after Prince Andrew’s association with Jeffrey Epstein. A National Audit Office report revealed Andrew had lived rent-free at Royal Lodge in Windsor and earned income by subletting outbuildings. Andrew has since been stripped of titles and official roles.
The anti-monarchy group Republic said the palace’s move left “many questions unanswered,” demanding a fully independent review of royal income, spending and tax.
Why is income tax optional? … Why did Charles manage to avoid millions of pounds in inheritance tax when his mother died?
Assets passing directly from one monarch to the next are exempt from inheritance tax.
What Thursday’s disclosure will show
The palace said the published figure will be the total tax paid, after deducting official expenses. It will not break down the amount by tax type or explain the calculation in detail. The commitment is annual, with further disclosures expected each year.
