King Charles III has become the first British monarch to publicly disclose his tax bill, with newly released financial accounts showing he paid £12.9 million in tax for the 2024–25 financial year.
The disclosure, published on Thursday, June 25, places the King among the UK’s top 100 taxpayers. According to the accounts, he has paid more than £30 million in tax since ascending the throne in September 2022.
The financial statement also revealed that the Prince of Wales, Prince William, has contributed more than £20 million in tax over the same period, paid voluntarily on income derived from the Duchy of Cornwall.
The annual accounts showed that the Sovereign Grant—the public funding used to support the King’s official duties and the operations of the royal household—increased by £45.8 million to £132.1 million for 2025–26.
Officials linked the rise in funding to ongoing refurbishment work at Buckingham Palace and wider operational costs of the monarchy.
King Charles pays tax voluntarily on income from private estates and investments, including the Duchy of Lancaster, as well as earnings from Balmoral and Sandringham. The Duchy of Lancaster alone provided £25.2 million in income for 2025–26, forming a key part of the monarch’s private income, traditionally known as the “Privy Purse.”
The King also pays capital gains tax and inheritance tax under arrangements established in 1993.
Prince William’s income is primarily drawn from the Duchy of Cornwall, a historic estate that provides financial support to the heir to the throne. In the 2024–25 financial year, his tax bill was reported at £7.76 million, following £8.34 million in the previous year.
The accounts also confirmed a major change in royal residential plans. King Charles and Queen Camilla will not take up Buckingham Palace as their primary residence once extensive refurbishment works—estimated at £369 million—are completed. Instead, they will continue to reside at Clarence House while Buckingham Palace remains the administrative and ceremonial centre of the monarchy.
Officials said the decision was made to increase public access to Buckingham Palace and maximise its national use.
The report also included details of official royal expenditure, including a £130,106 chartered flight for Prince William’s overseas visit to Saudi Arabia, described as the most expensive official trip of the year.
A Buckingham Palace spokesperson said the institution is seeking to broaden public access to the historic building while maintaining its role as the operational heart of the monarchy.
“Buckingham Palace will remain a working home but we are seeking to widen public access precisely to maximise the national benefit of a publicly funded building,” the spokesperson said.
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