King Charles Releases Tax Records, Pays £12.9 Million
King Charles has made history by becoming the first British monarch to publish his tax bill, revealing that he paid £12.9 million in taxes for the 2024-2025 financial year. The financial accounts, released on Thursday, June 25, show that the King ranks among the UK's top 100 taxpayers for that period.
Since ascending the throne in September 2022, Charles has paid more than £30 million in taxes. Prince William has also contributed over £20 million in taxes since becoming Prince of Wales.
Sovereign Grant Rises by £45.8 Million
The Sovereign Grant, which funds the King's official duties and household operations, increased by £45.8 million to £132.1 million for 2025-26. This grant is derived from a percentage of the Crown Estate's profits.
James Chalmers, keeper of the Privy Purse, stated: "When Prince of Wales, His Majesty disclosed his tax, and he has asked that we make public his combined income and capital gains tax payments as king. Today I can share with you that His Majesty's tax payable for 2024-25 was £12.9m."
Voluntary Tax Payments Exceed £30 Million
Chalmers added that the King's tax payable for 2023-24 was £11.7 million, bringing the total since accession to over £30 million. He emphasized that these payments are voluntary. The tax for 2025-26 is not yet available due to pending audits.
Charles voluntarily pays income tax on private income, capital gains tax on relevant assets, and inheritance tax under arrangements agreed by the late Queen in 1993. His private income sources include investments, trading profits, and the private estates of Balmoral and Sandringham.
Duchy of Lancaster and Cornwall Provide Income
The Duchy of Lancaster estate provides the King with an annual income of £25.2 million for 2025-26. This portfolio of land, investments, and properties supports both official and private expenditures. Prince William receives income from the Duchy of Cornwall, a billion-pound estate, paying tax voluntarily. His tax bill for 2024-25 was £7.76 million, and £8.34 million for 2023-24.
William's most expensive official overseas trip was a charter flight to Saudi Arabia in February, costing £130,106, including a planning visit.
King and Queen to Skip Buckingham Palace Residence
The King and Queen will not reside at Buckingham Palace after its £369 million refurbishment, which is due for completion next March. Instead, they will continue to use Clarence House as their London home. The palace will remain the monarchy's operational center, with increased public access.
Chalmers said: "After careful consideration, and to greatly increase opportunities for public access, the King and Queen have decided not to adopt Buckingham Palace as a personal residence." A palace spokesperson added: "It will remain a working home but we are seeking to widen public access precisely to maximise the national benefit of a publicly funded building."
