King Charles has become the first British monarch to disclose the size of his personal tax bill – with newly published royal accounts revealing he has voluntarily paid more than £30 million to HM Revenue Customs since succeeding to the throne.
The 77-year-old monarch personally requested details of his income tax and capital gains tax payments be released as part of the latest annual financial reports, according to Buckingham Palace.
The figures show Charles paid £11.7 million in tax during the 2023/24 financial year and a further £12.9 million in 2024/25. While accounts for 2025/26 are still being audited, palace officials said the overall total will exceed £30 million.
The move comes amid continuing scrutiny of royal finances and as the King continues to pursue what aides describe as a programme of greater transparency.
It also follows another significant constitutional step, with Prince William, 44, disclosing details of his own voluntary tax payments as Duke of Cornwall for the first time since becoming heir to the throne.
James Chalmers, Keeper of the Privy Purse, said the request to publish the King’s combined income and capital gains tax payments had come personally from Charles.
It’s been reported the King was determined to improve clarity and accessibility around royal finances as public interest in the monarchy’s funding continues to grow.
William’s private secretary, Ian Patrick, also confirmed the Prince of Wales had chosen to publish his own figures.
He said: “The prince recognises the interest in these arrangements and the importance of appropriate transparency.”
The accounts show William voluntarily paid £8.34 million in tax during 2023/24 and a further £7.76 million in 2024/25 on income generated by the Duchy of Cornwall, with another payment expected once the latest accounts are finalised.
Last year William received a private income of £21.6 million from the Duchy of Cornwall, the landed estate funding the official and private activities of the heir to the throne.
Palace officials said he voluntarily pays income tax at the highest rate on any net surplus remaining after official expenditure is deducted, although no breakdown of that expenditure has been released.
The Duchy of Cornwall accounts also show William intends to modernise the estate over the coming decade by selling around 20 per cent of its landholdings and reinvesting the proceeds into sustainable projects and community housing.
The figures reveal Charles paid £503,711 in rent last year to William for the lease of Highgrove House in Gloucestershire, which the King occupies through an arrangement with the Duchy of Cornwall.
The accounts also address criticism surrounding Dartmoor Prison, where William had faced scrutiny after it emerged the Duchy receives around £1.5 million annually in rent from the Ministry of Justice despite the prison remaining closed since July 2024 because of high radon levels.
Palace officials said William had requested that the income be directed towards regeneration projects benefiting the local community.
The annual Sovereign Grant report also outlines the scale of official royal duties undertaken during the year.
Charles and Queen Camilla carried out 708 engagements between them, while members of the wider Royal Family completed a further 1,565 engagements in the United Kingdom and overseas.
Royal residences hosted 827 events attended by approximately 97,000 guests, reflecting continued efforts to increase public access to occupied royal palaces.
In keeping with Charles’ long-standing environmental priorities, Buckingham Palace has installed electric vehicle charging points and plans remain in place to replace much of the royal vehicle fleet with electric models.
Privately, Charles continues to receive income from the Duchy of Lancaster, which generated £25.2 million during the latest financial year, alongside returns from personal investments and the privately owned Sandringham and Balmoral estates.
He voluntarily pays income tax and capital gains tax on that income, excluding the Duchy itself.
The Sovereign Grant, which funds the King’s official duties and the operation of the Royal Household, increased to £132.1 million during the past year, largely to support the ongoing refurbishment of Buckingham Palace.
James said the grant would reduce to £100 million and remain at that level for the next five years.
He stated: “His Majesty is guided by a singular purpose – to serve with constancy, devotion and unwavering resolve.”
The latest Crown Estate accounts also show profits transferred to the Treasury fell from £1.1 billion to £487 million following reduced offshore wind revenues.
Graham Smith, chief executive of the anti-monarchy campaign group Republic, described the Sovereign Grant as “inflated”.
Dan Neidle, founder of Tax Policy Associates, told the Daily Mail: “The reality is that the King is completely unlike any other taxpayer, and the boundary between personal assets and Crown assets is very wobbly.”
