King Charles has become the first British monarch to publicly disclose the amount of tax he pays, according to the annual royal report and accounts, which show he paid £12.9 million in tax for the 2024-2025 financial year.
The report also states that Prince William paid £7.76 million in tax over the same period.
The disclosures come alongside confirmation that the Sovereign Grant's core funding will nearly double to just under £100 million annually by 2027-2028, while the King and Queen Camilla will continue living at Clarence House rather than moving into Buckingham Palace.
Buckingham Palace said the publication of the King and Prince William's voluntary tax payments was a personal decision intended to increase transparency and "encourage wider understanding of our accountability."
The accounts show the King paid £11.7 million in tax during 2023-2024, while Prince William paid £8.34 million.
Since Charles became monarch in 2022, the combined tax payments made by father and son have exceeded £50 million.
However, the report does not disclose how the tax figures were calculated or provide details of taxable income, deductions, or private investments.
The King receives income from the Duchy of Lancaster, which generated £25.2 million in 2025-2026, while Prince William receives income from the Duchy of Cornwall.
Prince William also announced he will no longer personally benefit from the £1.5 million annual rent generated by Dartmoor Prison, requesting the funds instead be directed toward supporting the local community around Princetown.
The Sovereign Grant totaled £86.3 million for 2024-2025, including £51.8 million for core spending and £34.5 million for the ongoing refurbishment of Buckingham Palace.
After the renovation concludes in 2027, annual funding is set at £99.9 million for at least five years under a revised formula approved by the Royal Trustees.
Officials said the funding will support the maintenance of historic buildings, cybersecurity improvements, green energy projects, and the replacement of boilers at Windsor Castle.
Buckingham Palace also confirmed the King and Queen will remain at Clarence House to allow greater public access to Buckingham Palace and support increased visitor revenue.