In a significant step toward greater public accountability, King Charles III has become the first British monarch to voluntarily reveal his personal tax payments, disclosing that he paid £12.9 million in income and capital gains tax for the 2024-25 financial year.
The figures were released as part of the Royal Household’s annual report and accounts. Prince William, the Prince of Wales, also published his tax details, revealing a payment of £7.76 million over the same period.
The previous year, the King paid £11.7 million while the Prince paid £8.34 million. Since Charles ascended the throne in 2022, the father and son’s combined tax contributions have now surpassed £50 million.
Buckingham Palace said the decision to publish the details was made to promote transparency and “encourage wider understanding of our accountability.”
The report does not include a full breakdown of the tax liabilities, such as the split between income tax and capital gains tax, or details of allowable deductions and expenses. Tax expert Dan Neidle, founder of Tax Policy Associates, criticised the disclosure as “highly opaque,” noting the lack of sufficient detail to verify how the figures were calculated.
“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,” Neidle said.
The King’s primary private income comes from the Duchy of Lancaster, a substantial portfolio of land, properties, and investments that generated £25.2 million in the 2025-26 financial year. He also earns from private investments and his personal estates at Balmoral and Sandringham.
Prince William receives funding from the Duchy of Cornwall, a historic estate valued at more than £1 billion. His private secretary, Ian Patrick, confirmed that the Prince pays tax at the highest rate on net surplus income after legitimate business costs, which are independently audited.
“Those costs are independently audited to ensure that any deductions are appropriate,” Patrick said. “The prince recognises the interest in these arrangements and the importance of appropriate transparency.”
In another notable development, Prince William will no longer personally receive the £1.5 million annual rental income from the now-closed Dartmoor Prison. The funds will instead be redirected to support the local community, particularly residents of Princetown. The prison has been shut since 2024 following the discovery of dangerous radon gas levels.
The annual accounts also confirmed that King Charles and Queen Camilla will remain at Clarence House rather than move into Buckingham Palace once its refurbishment is complete, a decision intended to allow greater public access to the historic residence.
Meanwhile, the Sovereign Grant the public funding provided to the Royal Household will rise to £99.9 million per year from 2027-28 under a new formula approved by the Royal Trustees, including Prime Minister Keir Starmer and Chancellor Rachel Reeves.
The increased funding will support maintenance of royal properties, cybersecurity enhancements, and environmental projects, including an £11 million boiler replacement at Windsor Castle.
James Chalmers, the King’s Keeper of the Privy Purse, emphasised that the grant is “not a blank cheque” and remains subject to Treasury oversight, independent audits, and value-for-money requirements.
The report highlighted that Prince William’s three-day visit to Saudi Arabia was the most expensive overseas royal engagement of the year, costing just over £130,000. This slightly exceeded the £126,946 spent on the King and Queen’s state visit to Italy.
Separately, operating profits at the Crown Estate, which serve as the benchmark for calculating the Sovereign Grant, declined from £1.4 billion to £1.2 billion, largely due to lower revenues from offshore wind projects transitioning to the construction phase.
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