King Charles III has made history by becoming the first British monarch to publicly release his tax payments, revealing he voluntarily paid £12.9 million in tax for the 2024-25 financial year. The disclosure places the King among the country's top 100 taxpayers, according to media league tables.
Voluntary Tax Payments Since Accession
Since ascending to the throne in September 2022 following the death of Queen Elizabeth II, Charles has paid over £30 million in tax. James Chalmers, Keeper of the Privy Purse, announced the figures, stating: "When Prince of Wales, His Majesty disclosed his tax, and he has asked that we make public his combined income and capital gains tax payments as king." Chalmers added that the King's tax payable for 2023-24 was £11.7 million, and the total since accession exceeds £30 million—all on a voluntary basis.
Details of Tax Arrangements
Charles voluntarily pays income tax on all his private income, capital gains tax on relevant assets, and inheritance tax under arrangements agreed by the late Queen in 1993. His private income sources include investments, trading profits, and revenue from his private estates of Balmoral and Sandringham. The Duchy of Lancaster estate, a private portfolio of land and properties, provided the King with £25.2 million in annual income for 2025-26, used for both official and private expenditure.
Prince William's Tax Disclosures
Prince William, the Prince of Wales, initially resisted releasing his tax payments but has now disclosed his financial data. He receives income from the Duchy of Cornwall, a billion-pound hereditary estate, which provided £21.6 million during 2025-26. William pays tax voluntarily on this income, with his 2024-25 tax bill amounting to £7.76 million in income and capital gains tax, and £8.34 million in 2023-24. Since becoming Prince of Wales, William has paid over £20 million in tax.
Commitment to Transparency
The King's move to publish his tax payments aims to aid clarity and accessibility around royal finances. The tax payable for 2025-26 is not yet available, as the underlying figures are subject to audit and review. This unprecedented disclosure marks a significant step in royal financial transparency.
