King Charles is set to become Britain’s first monarch in modern times to publicly disclose his personal tax bill, marking a significant step in efforts to increase transparency around royal finances.
The disclosure will form part of the annual royal financial accounts due to be released this week and follows a decision made personally by the King, according to Buckingham Palace.
The move will make public details of the tax paid on the monarch’s private income during the 2024-25 financial year, including earnings from investments, private estates and the Duchy of Lancaster.
Palace officials said the measure is intended to improve public understanding of how royal finances operate and reflects ongoing efforts to modernise the institution.
Buckingham Palace said the publication of the King’s personal tax information is part of a broader initiative to enhance clarity and accessibility regarding royal finances.
The King voluntarily pays income tax on his private earnings and capital gains tax on relevant assets, despite monarchs not being legally required to pay certain taxes.
His income sources include profits from the Duchy of Lancaster, private investments, and revenues generated by estates such as Sandringham and Balmoral.
The Duchy of Lancaster, a private portfolio of land, investments and commercial properties, generated annual income estimated at between £24 million and £26.8 million during the 2024-25 financial year.
Officials said the King’s tax details will now be published annually as part of a commitment to greater openness.
The tax disclosure will accompany the release of wider reports on royal finances, including details of the Sovereign Grant, which funds official royal duties and household operations.
Buckingham Palace said a new report has been prepared to provide a more comprehensive explanation of royal finances and their constitutional context.
The announcement comes amid growing public and parliamentary scrutiny of royal financial arrangements and calls for increased transparency following controversies involving Andrew Mountbatten-Windsor.
Additional examination is also expected through parliamentary reviews and inquiries into royal property and leasing arrangements.
Palace officials said the publication of personal tax information is intended to complement existing oversight mechanisms and further strengthen public accountability as the royal household continues efforts to modernise and evolve.