King Charles will become the first British monarch in modern history to publicly disclose his personal tax bill, marking a significant step towards greater transparency in royal finances, the BBC reported.
The King's tax payments for the 2024-25 financial year will be published on Thursday as part of the Royal Household's annual financial accounts. According to Buckingham Palace, the decision was a personal one by the monarch and forms part of a broader effort to modernise the institution and improve public understanding of royal accountability.
"To put it simply, we continue to modernise and evolve," a Buckingham Palace spokesperson said, adding that the tax disclosure would become an annual practice.
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The published figures will include tax paid on income from the Duchy of Lancaster, personal investments, and earnings from privately owned estates including Sandringham and Balmoral. The Duchy of Lancaster, which provides much of the monarch's private income, generated profits of about £24 million last year.
While British monarchs are not legally required to pay income tax, inheritance tax on assets received from a predecessor, or capital gains tax, King Charles voluntarily pays income tax and capital gains tax on private asset sales.
The move comes amid growing calls for greater scrutiny of royal finances following controversies surrounding Prince Andrew. Members of Parliament have previously urged increased transparency in the financial affairs of the Royal Family.
The King's tax disclosure will accompany details of the Sovereign Grant, the taxpayer-funded allocation that supports official royal duties, staffing, travel and property maintenance. The grant currently stands at a record £137.9 million, partly due to temporary funding for Buckingham Palace renovations.
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Buckingham Palace said its objective is to provide a clearer and more accessible account of royal finances. "Our aim is to explain all elements of royal finances in a way that further enhances clarity and accessibility," the spokesperson said.
The announcement comes as royal finances face heightened scrutiny. The Public Accounts Committee is set to examine Crown Estate property arrangements and leases, while a recent National Audit Office report highlighted accommodation arrangements involving Princess Beatrice and Princess Eugenie, with rent reportedly paid by the King from his private income.
The Palace said existing parliamentary oversight of the Sovereign Grant remains in place, but argued that publishing the monarch's personal tax payments would "enhance this transparency still further" and align with its public service priorities.
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