King Charles has announced his decision to disclose his complete personal tax records as part of an initiative to increase transparency in royal finances for the public. Today, he will make public the specifics of his yearly tax payments, becoming the first monarch to do so.
According to a source from the palace, it is the King’s explicit wish to release the tax details for the first time, especially as there is heightened scrutiny surrounding the Firm’s financial affairs. Charles will unveil the total sum of taxes he pays, encompassing income derived from personal assets, investments, and specific Capital Gains tax.
When questioned about the King’s choice to expand the palace’s annual financial disclosure, a Palace aide, as reported by the Telegraph, mentioned that Charles believed it was the appropriate action to take. The aide further expressed the King’s hope that this move would significantly enhance the public’s comprehension of the Sovereign Grant, the Duchy of Lancaster (the monarch’s estate), and his private revenue sources.
These private resources involve earnings from investments or trading activities, profits from his private estates at Balmoral and Sandringham, as well as personal savings. The Duchy of Lancaster estate, a private assortment of land, investments, and commercial properties, supplies the King with an annual income, which in 2024/2025 amounted to £26.8 million. Charles voluntarily pays the highest UK income tax rate (45%) on the income received from the Duchy of Lancaster.
Established to provide the reigning monarch with an independent income source, historically known as the Privy Purse, the Duchy caters to both official and personal expenses and supports other members of the Royal Family.
The King’s complete personal tax details for the 2024-25 fiscal year will be disclosed today, alongside other reports on royal finances. However, his tax information for 2025-26 will be made public next year after completion of the audit.
The announcement of Charles’ tax disclosure came last week from Buckingham Palace, stating, “The annual Sovereign Grant Report includes extensive details on publicly-funded expenditures and other core operational data related to Royal finances, subject to Government oversight, parliamentary scrutiny, media, and public review.”
The Palace emphasized their commitment to enhancing transparency, modernizing, and evolving to improve public understanding of Royal finances within historical and constitutional contexts.
Previously, when he was the Prince of Wales overseeing the Duchy of Cornwall, Charles had released his tax information, a tradition now continued by Prince William, who has inherited the Duchy.
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