King Charles to Publish Personal Tax Records in Historic First for British Monarchy
King Charles III is set to become the first modern British monarch to publicly disclose details of his personal tax payments, marking a significant shift toward greater transparency within the British royal household.
According to Buckingham Palace, the King’s personal tax information for the 2024–25 financial year will be released on Thursday as part of the annual royal financial accounts. Palace officials described the disclosure as a personal decision by the monarch and confirmed that the publication would become an annual practice.
The tax records will include payments made on profits generated by the Duchy of Lancaster, which reportedly earned about £24 million last year, alongside taxes paid on private investments and income from royal estates such as Sandringham and Balmoral.
Although British monarchs are not legally required to pay income tax, inheritance tax on inherited assets, or capital gains tax, King Charles has continued the voluntary practice of paying income tax and capital gains tax on private assets — a policy he previously maintained during his time as Prince of Wales.
Buckingham Palace said the move reflects ongoing efforts to modernise the monarchy and improve public understanding of royal finances through greater openness and accountability.
The annual financial report will also outline details of the Sovereign Grant — public funding allocated for official royal duties, property maintenance and travel. The grant reached a record £137.9 million in 2024–25, partly driven by additional funding for Buckingham Palace renovations.
However, government authorities are currently reviewing the grant structure, and proposed changes could lead to its first reduction since the system was introduced in 2012. Parliament is expected to debate any adjustments once relevant legislation is presented.
The move comes amid growing public and parliamentary scrutiny of royal finances and wider calls for increased transparency surrounding the management of royal assets and expenditure.
Separately, the Public Accounts Committee has launched an inquiry into royal property and lease arrangements linked to the Crown Estate, adding further oversight to the financial operations of the monarchy.
