King Charles Makes History by Disclosing £12.9m Tax Bill, Placing Him Among UK’s Top 100 Taxpayers
- King Charles has made history by becoming the first monarch to publicly reveal his tax payments, disclosing a bill of £12.9m for 2024-2025
- The annual royal accounts also show Prince William paid £7.76m, reflecting a new era of financial transparency within the monarchy
- Meanwhile, the Sovereign Grant is set to rise to £99.9m by 2027-28, funding palace upkeep, green energy projects, and the running costs of the Royal Household
King Charles has become the first British monarch to publicly reveal his tax payments, disclosing that he paid £12.9m in tax for 2024-2025, placing him among the top 100 taxpayers in the UK.
The annual royal accounts also show that the Prince of Wales paid £7.76m in tax during the same period, marking a significant step towards transparency in royal finances.
Source: Getty Images
King Charles tax bill transparency
According to BBC, Buckingham Palace described the move as an effort to "encourage wider understanding of our accountability." Since Charles became monarch in 2022, and William the Prince of Wales, the combined tax bill of father and son has exceeded £50m paid to HM Revenue and Customs.
However, tax expert Dan Neidle noted the disclosure was "highly opaque," explaining: "We don't know how much of that is capital gains tax, how much is income tax. Very importantly, we don't know what expenses he's deducted to come up with the figure on which he pays the tax."
Royal income sources
- Duchy of Lancaster: Provides King Charles with an annual income of £25.2m from land, investments and properties.
- Private estates: Balmoral and Sandringham generate additional taxable income.
- Duchy of Cornwall: Prince William’s estate, worth over £1bn and spanning 130,000 acres, funds his official duties and private life.
Prince William’s office confirmed:
"Prince William pays income tax at the highest rate on any net surplus after those costs have been met. Those costs are independently audited to ensure that any deductions are appropriate."
Sovereign grant nearly doubles
The Sovereign Grant, which funds the monarchy’s running costs, will rise from £86.3m in 2024-25 to £99.9m by 2027-28.
Breakdown for 2024-25:
- £51.8m for core spending (staffing, travel, receptions, palace maintenance).
- £34.5m for Buckingham Palace renovations.
Royal Trustees, including Prime Minister Sir Keir Starmer and Chancellor Rachel Reeves, approved the increase to support historic building upkeep, cyber security, and green energy projects such as replacing boilers at Windsor Castle.
James Chalmers, the King’s treasurer, stressed: "Expenditure is governed by the same standards and disciplines as any publicly funded body, with strict value-for-money requirements, independent audit, and Treasury oversight."
Clarence House remains home
Despite the renovations, King Charles and Queen Camilla will continue living at Clarence House, allowing greater public access to Buckingham Palace once refurbishments finish in March 2027. This marks the first time since Queen Victoria’s reign that a monarch has chosen not to reside in Buckingham Palace.
Royal travel costs
The accounts also revealed significant travel expenses:
- Prince William’s three-day trip to Saudi Arabia in February 2025: £130,000.
- King and Queen’s four-day state visit to Italy in April 2025: £126,946.
- King’s royal train journey to Lancaster in June 2025: £48,460.
- 177 helicopter journeys by the Royal Family: £733,063.
The royal train is scheduled to be retired by 2027 to cut costs.
Crown estate profits fall
Operating profits at the Crown Estate fell to £1.2bn in the year to March, down from £1.4bn. The decline was linked to offshore wind projects moving from option fees to construction.
Since the Sovereign Grant is calculated as a percentage of Crown Estate profits, this drop highlights the volatility of royal funding sources.
Historian Anna Whitelock said the King’s disclosure places him "front and centre as a very rich man," reflecting growing demands for accountability.
Critic Norman Baker argued Buckingham Palace visitor ticket sales should go to the Treasury, adding: "If Charles is talking about slimming down the monarchy and William as well, we want slimmed down costs, not just fewer people on the Buckingham Palace balcony."
Source: Getty Images
King Charles responds with “deepest concern” to arrest of brother
Legit.ng earlier reported that King Charles III has said he learned “with the deepest concern” of the arrest of his younger brother, Andrew Mountbatten-Windsor.
In a statement, the King stressed that “the law must take its course.” He added that the matter must now be investigated “in the appropriate manner and by the appropriate authorities,” and confirmed that the royal family would give “full and wholehearted support and co-operation.”
Source: Legit.ng
