The King will become the first head of state to publicly reveal their personal tax bill, Buckingham Palace has announced.
The move is part of a wider effort to increase transparency and understanding of royal finances.
King Charles III will disclose his tax details as part of a new financial report from the royal household that aims to improve “clarity and accessibility” around the monarchy’s income and spending.
King to publish personal tax bill
A Buckingham Palace spokesperson said: "While this is the first time a monarch has shared this personal tax information, you may recall it was similarly released by His Majesty when he was Prince of Wales.
"The decision to do so as Sovereign has come at the express wish of the King himself, as part of the adaptations carried across since accession."
The King’s income includes funds from private estates such as Balmoral and Sandringham, as well as investments and savings.
He also receives an annual income from the Duchy of Lancaster, a private estate comprising land, property, and investments.
For the 2024–25 financial year, this income was £26.8 million.
The Duchy of Lancaster is intended to provide the reigning monarch with an independent source of revenue, historically known as the Privy Purse.
This income is used to cover both official and personal expenses, as well as the costs of supporting other members of the royal family.
In line with the Memorandum of Understanding on Royal Taxation 2023, King Charles voluntarily pays income tax on all private income and capital gains tax where applicable.
His personal tax information will be published later this week, alongside separate reports detailing overall royal finances and spending.
His 2025–26 tax details will be released next year.
The Prince of Wales, however, has not revealed his own tax payments since becoming heir to the throne.
William receives an income from the Duchy of Cornwall, a billion-pound hereditary estate.
Last year the estate provided nearly £23 million in income.
While the Prince voluntarily pays the highest rate of income tax after official costs are deducted, the exact amount he pays is not publicly disclosed.
The Prince is reported to be investing £500 million from selling off a fifth of his duchy estate and other transactions to support ventures designed to “have a positive impact on the world.”
The Sovereign Grant, which funds the official duties of the royal family, will also be detailed in a financial report due to be released this week.
Last year, the grant totalled £86.3 million, with £51.8 million allocated for routine costs such as travel and payroll and £34.5 million dedicated to the Buckingham Palace Reservicing Programme.
A spokesman for Buckingham Palace said: "Our aim is to explain all elements of royal finances in a way that further enhances clarity and accessibility, while also placing it in its historical and constitutional context."
Additional reports will also include the Duchy of Lancaster’s accounts.
The spokesperson said: "In order constantly to improve, and to encourage wider understanding of our accountability, the royal household has been considering options to enhance this transparency still further – and can today announce additional measures in keeping with our public service priorities.
"To put it simply: we continue to modernise and evolve."
The new approach is part of a broader push to align royal practices with contemporary standards of transparency and public accountability.
While the King’s move is voluntary and not required by law, it sets a new precedent for royal disclosures.
It remains to be seen whether other members of the royal family will follow suit, but the palace has indicated that further steps to improve clarity and public understanding may be introduced in the future.
