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King Charles III made history this week by becoming the first British monarch to publicly reveal how much he pays in taxes.
Buckingham Palace disclosed the royal’s voluntary tax payments as part of its annual financial reports released on Thursday. The king is not legally required to pay income or capital gains tax but does so voluntarily under a long-term arrangement.
The unprecedented disclosure also included the first public release of Prince William’s voluntary tax payments and was presented as part of the palace’s effort to increase transparency about the royal finances.
King Charles III became the first British monarch to publicly reveal how much he paid in taxes. (Chris Jackson/Getty Images)
Financial reports included the Annual Grant Report and a new descriptor for “Royal funds”. Although the documents reveal the payment of summary taxes, they have stopped short of publishing complete tax forms or detailing all of the king’s income and wealth.
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From Charles’ record-breaking tax disclosure to new details about William’s finances and the future of Buckingham Palace, here’s what we learned from newly released royal financial documents.
Charles has voluntarily paid nearly £40 million in taxes since becoming king
Since ascending to the throne in 2022, Charles has paid over $39.6 million in taxes. (Richard Pohle/WPA Pool/Getty Images)
After his ascension to the throne in 2022 after the death of his mother, Queen Elizabeth II, Charles paid more than 30 million pounds (about $39.6 million) in taxes.
According to reports, Charles paid 12.9 million pounds (about $17 million) in voluntary income and capital gains tax for 2024-25 and 11.7 million pounds (about $15.4 million) in 2023-24.
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In a statement sent to The Guardian ahead of the release of the annual financial reports, the palace spoke of the decision to publish the royal tax information for the first time and revealed that it had adopted the same practice during his time as Prince of Wales.
“While this is the first time the monarch has shared this personal tax information, you may recall that he was similarly exempted by His Majesty when he was Prince of Wales,” the palace said.
“The decision to do this as a king came out of the king’s own desire, as part of the changes made since he took power.”
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Although King Charles is exempt from paying income tax and capital gains tax as a royal, he continues a voluntary practice established by Queen Elizabeth II in 1993 following public scrutiny of royal finances.
Under an agreement with the United Kingdom government, the monarch pays taxes on eligible private income despite not being legally obligated to do so.
Most of Charles’ private income comes from the Duchy of Lancaster, a private estate that includes land, property and investments that provide income for the reigning monarch.
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According to reports, the Duchy generated 27.5 million pounds (about $36.3 million) in royalties in 2023-24 and 26.8 million pounds (about $35.3 million) in 2024-25.
Prince William has revealed his tax returns for the first time
Prince William also revealed his tax returns for the first time. (Getty Images)
The latest financial documents mark the first time that Prince William has publicly disclosed his tax payments.
The 44-year-old royal’s tax bill stems largely from income from the Duchy of Cornwall, which he inherited when he became Prince of Wales in 2022.
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Although William continued the practice of voluntarily paying income tax and income tax after becoming Prince of Wales, he did not disclose the amounts previously.
William’s decision not to reveal his 2023-24 tax bill earlier attracted media attention because it broke with Charles’ decades-long practice.
With the new documents, William paid 7.76 million pounds (about $10.2 million) in 2024-25 and 8.34 million pounds (about $11 million) in 2023-24, bringing his total tax to more than 20 million pounds (about $26.3 million) since inheriting the Prince’s estate of the Duchy of Wales and Corona.
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According to the Duchy of Cornwall’s annual reports, the estate generated a surplus of £23.6 million (about $31.1 million) in 2023-24 and £22.9 million (about $30.2 million) in 2024-25.
Charles is among the UK’s biggest taxpayers
Charles is one of the biggest taxpayers in the UK (Photos by Aaron Chown/Pool/Getty)
James Chalmers, the keeper of the Privy Purse, said at Thursday’s briefing that, based on annual media estimates, Charles’s tax bill for 2024-25 is likely to put him among the top 100 taxpayers in the UK.
Chalmers drew up the comparison to show the royal tax rate after the royals first released the figures.
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Buckingham Palace says the disclosure is part of its transparency programme
The move is part of Buckingham Palace’s plan to provide more transparency about the royal family’s finances. (Kirsty Wigglesworth/AP)
Ahead of the release of the Annual Grants Report and a new summary of Royal Finances, Buckingham Palace said the increased financial disclosure was part of a wider effort to increase transparency and public understanding of how the monarchy is funded.
“Our aim is to explain all aspects of royal finance in a way that promotes clarity and accessibility, while setting out the history and constitution,” said a palace spokesperson. The guard.
“In order to constantly improve, and encourage a wider understanding of our accountability, the royal household has been considering options to improve this transparency even now – and today it can announce other measures that are in line with the priorities of the public service,” said a spokesman.
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“To put it simply: we continue to modernize and evolve.”
The documents still don’t tell the whole story
The papers still leave many questions unanswered. (Max Mumby/Anonymous)
While the disclosures revealed how much Charles and William paid in voluntary tax, they did not provide a complete picture of the royal family’s finances.
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Although the reports revealed some information about income from the Duchy of Lancaster and the Duchy of Cornwall, they did not include a full tax return, detailed tax calculations, itemized deductions, capital gains or a full accounting of Charles and William’s wealth.
Buckingham Palace will not be Charles and Camilla’s full-time home
Documents have confirmed that Charles and Camilla will not be moving on to Buckingham Palace. (Aaron Chown – WPA Pool/Getty Images)
The Sovereign Grant report confirmed that Charles and his wife, Queen Camilla, plan to stay at Clarence House, where they have lived since their marriage in 2005, after the completion of the refurbishment of Buckingham Palace.
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Instead, Buckingham Palace will continue to serve as the official royal residence, hosting state events, ceremonial events and administrative offices rather than being the royal couple’s primary residence.
The disclosure stops in the 2024-25 tax year
The royalty payments for 2025-26 have not been released. (Top Images by Mumby/Indigo/Getty)
The newly released reports do not include tax information for 2025-26 because the figures are still being processed. Buckingham Palace said those numbers were not yet available.
