King Charles Reveals £12.9m Tax Bill in Historic Royal Transparency Move

King Charles has become the first British monarch to publicly disclose his tax payments, revealing that he paid £12.9m in tax during the 2024–25 financial year, placing him among the UK’s top 100 taxpayers.

The annual royal accounts also showed that the Prince of Wales paid £7.76m in tax over the same period.

The disclosures come amid a broader push for greater transparency around royal finances following scrutiny over public accountability and controversies linked to Andrew Mountbatten-Windsor.

Alongside the financial disclosures, Buckingham Palace confirmed that King Charles and Queen Camilla will continue residing at Clarence House rather than moving into Buckingham Palace.

The accounts further showed that the Sovereign Grant, the main source of public funding for the Royal Household, is set to rise sharply over the next three years, reaching just under £100m by 2027–28.

For 2024–25, the Sovereign Grant stood at £86.3m, including £51.8m allocated for core royal operations and an additional £34.5m for the refurbishment of Buckingham Palace. Once renovation work is completed, total funding is expected to fall from £137.9m to £99.9m, although this will remain above previous levels.

The grant supports the monarchy’s operating costs, including staffing, official travel, ceremonial duties, receptions and palace maintenance.

According to the accounts, the King had also paid £11.7m in tax in 2023–24, while Prince William paid £8.34m during the same period.

Palace officials said publishing details of the King’s personal tax contributions was a voluntary decision and reflected an effort to improve openness around royal finances.

Buckingham Palace said the move was intended to increase transparency and "encourage wider understanding of our accountability".

Since Charles became monarch in 2022 and William inherited the title of Prince of Wales, the combined tax paid by father and son to HM Revenue and Customs has exceeded £50m.

While the latest disclosures show the King paid tax at the highest rate, no detailed breakdown was provided on how the final amount was calculated.

The King’s taxable income includes annual earnings from the Duchy of Lancaster, a portfolio of land, investments and property created to provide the monarch with an independent source of income for official and private expenditure. The estate generated £25.2m in income in 2025–26.

Other taxable sources include personal investments, savings and revenues from the private estates of Balmoral and Sandringham.

Prince William had initially not disclosed his tax payments after becoming heir to the throne, but has now followed his father’s approach and made public his income and capital gains tax payments.

William receives income through the Duchy of Cornwall, a hereditary estate spanning around 130,000 acres and including assets such as London’s Oval cricket ground. The estate finances official duties, office operations and private family expenses.

"Prince William pays income tax at the highest rate on any net surplus after those costs have been met. Those costs are independently audited to ensure that any deductions are appropriate," said the prince's private secretary Ian Patrick, BBC reported.

"The prince recognises the interest in these arrangements and the importance of appropriate transparency."

The tax due for 2025–26 is still being audited and will be published next year.

The accounts did not disclose details of private investments held by either the King or Prince William.

Separately, Prince William announced he would no longer personally receive the £1.5m annual rent generated by the now-abandoned Dartmoor Prison. Instead, he asked for those funds to be redirected to support local communities, particularly rural Princetown near the prison.

Dartmoor Prison has remained vacant since 2024 following the discovery of high levels of toxic radon gas inside the facility.

(BBC reported)