King Charles is set to make history by becoming the first British monarch in modern times to publicly disclose the amount of personal tax he pays, as part of a wider effort to improve transparency and accountability within the monarchy.
The King’s tax contributions for the 2024-25 financial year will be published on Thursday alongside the annual royal financial accounts. Buckingham Palace said the decision was made personally by the monarch and reflects his commitment to modernising the institution and increasing public understanding of royal finances.
According to palace officials, the move is designed to provide greater clarity on how the monarchy manages its finances and responds to growing public expectations for openness. The decision also follows increased scrutiny of royal financial arrangements in recent years, particularly after controversies linked to Prince Andrew.
The published figures will include tax paid on income generated through the Duchy of Lancaster, personal investments and earnings from privately owned estates such as Sandringham and Balmoral. The Duchy of Lancaster remains a major source of personal income for the monarch, generating profits of approximately £24 million last year through its extensive property portfolio, which includes estates across northern England and prime real estate in central London.
Although British monarchs are not legally required to pay income tax, capital gains tax or inheritance tax on assets inherited from a previous sovereign, King Charles voluntarily pays income tax and capital gains tax on private income and asset sales. The upcoming disclosure will be the first time the total amount of tax paid by a reigning monarch has been made public.
Buckingham Palace described the initiative as part of an ongoing programme to modernise the monarchy and make its financial operations easier for the public to understand. Officials said the annual publication of the King’s tax payments would become a permanent feature of future financial reports.
The announcement comes as royal finances face growing public and parliamentary scrutiny. Next week’s financial report is also expected to provide additional details about the funding and expenditure of the Royal Household.
The King’s tax information will be released alongside details of the Sovereign Grant, the taxpayer-funded support provided to the Royal Household. The grant covers costs including staffing, official travel and the maintenance of royal residences. It currently stands at a record £137.9 million, partly due to extensive refurbishment work at Buckingham Palace.
Despite rising steadily since its introduction in 2012, the Sovereign Grant is expected to face its first reduction following an ongoing review involving the UK Treasury, Downing Street and the Royal Household. Parliament is also expected to debate future funding arrangements when related legislation is introduced.
Further attention is being directed at royal finances through an inquiry by the Public Accounts Committee into Crown Estate properties and leasing arrangements. Recent findings by the National Audit Office revealed that Princess Beatrice and Princess Eugenie, who are not working members of the Royal Family, occupy properties within royal estates, with rent covered by the King from his private income.
Palace officials believe that publishing the monarch’s personal tax payments will strengthen public confidence and demonstrate a commitment to transparency that aligns with the monarchy’s role in public service. The disclosure is expected to mark one of the most significant changes to royal financial reporting in recent decades.
