King reveals £12.9m tax bill in first modern royal disclosure

King Charles III paid £12.9m in tax for 2024-25, a disclosure that places him among the United Kingdom’s top 100 taxpayers and marks the first time a reigning British monarch has publicly revealed his tax bill in modern times.

The figures were set out in the Royal Household’s annual financial reports for 2024-25, covering the year from April 2024 to March 2025. The accounts were laid before Parliament on 30 June 2025 and published by HM Treasury on 4 July 2025. Buckingham Palace said the move was intended to improve transparency and public understanding of royal finances.

Charles had already paid £11.7m in tax in 2023-24, and the new accounts say he has paid more than £30m in tax since his accession in September 2022. The disclosure does not change the structure of royal taxation itself, which is still governed by a voluntary system set out in the 2023 Memorandum of Understanding on Royal Taxation, updating arrangements first formalised in 1993 after public backlash over royal money. Under those arrangements, the Duchy of Lancaster and the Duchy of Cornwall are not liable for income tax, capital gains tax or inheritance tax because they are Crown bodies subject to Crown exemption.

Prince William disclosed paying £7.76m in income tax and capital gains tax for 2024-25. Since becoming Prince of Wales, he has paid more than £20m in tax.

The Sovereign Grant remained at £86.3m for 2024-25, unchanged for a fourth consecutive year. That total included £51.8m for core duties and £34.5m for the Buckingham Palace Reservicing Programme, while income supplementing the grant rose to £21.5m. Public funding for the monarchy is due to increase to £99.9m a year for 2027-28.

Charles and Queen Camilla will remain at Clarence House rather than move into Buckingham Palace after its refurbishment. Republic argued that the royals should not be allowed to self-declare their tax.