King Charles has made history by becoming the first monarch to publicly release his tax payments, which place him among the UK’s top 100 taxpayers for 2024-25.
This unprecedented disclosure aims to enhance clarity and accessibility surrounding royal finances.
The Prince of Wales, who initially resisted publishing his own tax details upon inheriting the Duchy of Cornwall, has now also released his financial data as part of broader royal reports.
Since his accession in September 2022, King Charles has paid more than £30m in tax. Prince William has contributed more than £20m since becoming Prince of Wales.
James Chalmers, Keeper of the Privy Purse, said: “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.
“If annual media league tables are to be believed on such matters, that places His Majesty among the top 100 taxpayers in the country for that year.
“I can also share with you that His Majesty’s tax payable for 2023-24 was £11.7m, and the total amount of tax payable by His Majesty since accession to the throne is more than £30m – all of this, remember, on a voluntary basis.
“The tax payable for 2025-2026 is not yet available as the underlying figures are subject to audit and review in accordance with our normal reporting timetables.”
Charles voluntarily pays income tax on all his private income, capital gains tax on relevant elements of his assets, and inheritance tax under arrangements agreed by the late Queen that first came into effect in 1993.
The King’s private sources of income could include money from investments or trading profits, funds generated by his private estates of Balmoral and Sandringham, and private savings.
The Duchy of Lancaster estate, a private portfolio of land, investments and office, retail and industrial properties, also provides the King with an annual income which in 2025-26, was £25.2m.
It was designed to give the monarch of the day an independent source of income, historically known as the Privy Purse, used for both official and private expenditure and for meeting the expenses of other members of the royal family.
William receives an income from the Duchy of Cornwall, a billion-pound hereditary estate featuring The Oval cricket ground and providing the heir to the throne with funds, independent of the monarch.
He pays tax voluntarily on this income – £21.6m from the duchy during 2025-26 – which is not used to meet official expenditure.
During the 2024-25 financial year his tax bill was £7.76m in income and capital gains tax, and was £8.34m in 2023-24.