King Charles III will become the first British monarch to publicly disclose his personal tax information, Buckingham Palace announced, with the details to be published later this week as part of a new royal household finances report. The King's total personal tax figures for the 2024-25 financial year will appear alongside the annual Sovereign Grant accounts and separate Duchy of Lancaster accounts, each released at their own press briefings.
A Buckingham Palace spokesperson said the decision came 'at the express wish of the King himself, as part of adaptations carried across since accession' [Source: PA via Barrhead News]. The Palace added that the move is intended to increase the 'clarity and accessibility' of the monarchy's finances [Source: The Guardian]. Charles voluntarily pays income tax on all his private income and capital gains tax on relevant elements of his assets, as laid out in the Memorandum of Understanding on Royal Taxation 2023 agreed by the Government. His 2025-26 tax details will be released next year once their audit has been completed.
The disclosure extends a practice Charles maintained as Prince of Wales, when personal tax information was similarly released, according to the Buckingham Palace spokesperson. The new royal household report marks the first time such information has been included for the monarch. Last year's Sovereign Grant stood at £86.3 million, comprising £51.8 million for core elements including travel and payroll costs, and £34.5 million earmarked for the Buckingham Palace Reservicing Programme.
The announcement draws a contrast with the position of the Prince of Wales. Prince William received nearly £23 million from the Duchy of Cornwall in the last financial year and voluntarily pays the highest rate of income tax once official costs have been deducted, but the precise amount he pays in tax has not been disclosed.
Sources: Sky News, BBC News, The Guardian, PA via Barrhead News