King Charles will become Britain’s first monarch in modern times to reveal his personal tax bill.
His tax payments will be released on Thursday as part of the annual royal financial accounts. Palace sources say this decision was made personally by the King.
Buckingham Palace said this step is part of efforts to modernize and increase transparency, and to help people better understand how the monarchy is accountable.
The move also comes after public calls for more openness about royal finances following scandals involving Andrew Mountbatten-Windsor.
The published details will show the King’s tax payments for the 2024–25 year. This will include tax paid on income from the Duchy of Lancaster, personal investments, and earnings from private estates like Sandringham and Balmoral.
A Buckingham Palace spokesperson said the royal household is continuing to modernize and become more open.
They said the goal is to publish the King’s tax payments every year from now on.
When he was Prince of Wales, Charles had already shared details about the tax he paid.
Although monarchs are not required to pay income tax, inheritance tax, or capital gains tax, the King voluntarily pays income tax and capital gains tax on sales of private assets.
The total amount of tax he pays will now be made public for the first time, including tax from the Duchy of Lancaster, which earned around £24 million last year.
The Duchy, which includes land in northern England and property in central London, is the main source of the King’s personal income.
This move reflects growing public demand for transparency.
After the Andrew Mountbatten-Windsor controversy, MPs also called for more openness about royal finances.
Next week’s financial report will include more details about how royal funds are managed.
A Palace spokesperson said the aim is to explain royal finances more clearly and simply for the public.
The King’s tax information will be released along with details of the Sovereign Grant, which is public money used to fund the Royal Household. This covers staff, building maintenance, and official travel.
The Sovereign Grant has increased to a record £137.9 million, partly due to renovation costs at Buckingham Palace.
Since it started in 2012, the grant has never decreased, but a first reduction may soon be announced after a review by the Treasury, Downing Street, and the Royal Household.
MPs will also be able to discuss the Sovereign Grant in Parliament.
The Public Accounts Committee will investigate royal property and leases from the Crown Estate, adding more scrutiny to royal finances.
A report from the National Audit Office found that Princess Beatrice and Princess Eugenie, who are not working royals, had homes in royal residences like St James’s Palace and Kensington Palace.
Their rent was paid by the King from his private income.
The Palace said that Parliament already oversees the Sovereign Grant, but publishing personal tax details will improve transparency and match their goal of public accountability.
