King Charles III has paid more than £30 million ($39.6 million) in personal taxes since he became monarch in September 2022, Buckingham Palace said Thursday, marking the first time a reigning British sovereign has disclosed such figures.
The palace, which had signaled over the weekend that the disclosure was coming, framed it as part of a broader “commitment to transparency” amid growing public scrutiny of royal finances. It said Charles’s tax bill came to £24.6 million across the two full tax years since his accession — £11.7 million in 2023-24 and £12.9 million in 2024-25 — with no figure given for the partial 2022-23 year.
Prince William, heir to the throne, also disclosed his tax payments for the first time, reporting more than £20 million paid since he inherited the title of Prince of Wales: £8.34 million in 2023-24 and £7.76 million in 2024-25.
British monarchs are exempt by law from income, capital gains and inheritance tax, and have no obligation to publish their tax bills. But they have voluntarily paid income and capital gains tax since 1993, after public pressure following a fire at Windsor Castle that required costly repairs. Charles began releasing his tax details as Prince of Wales and chose to continue the practice as king — a break from his mother, Queen Elizabeth II, who never did so during her 70-year reign.
The disclosure comes amid renewed scrutiny of royal finances following scandals involving Charles’s brother, Prince Andrew, including revelations he paid only a token “peppercorn” rent on a Windsor estate property.
Separately, the palace said the taxpayer-funded Sovereign Grant will rise to £137.9 million in 2026-27 and £99.9 million in 2027-28, helping fund the final stages of a £370 million renovation of Buckingham Palace. Charles and Queen Camilla will not move into Buckingham Palace once the decade-long project concludes, with the palace remaining a ceremonial and working royal site while Clarence House continues as the couple’s London residence.
The Crown Estate, which manages the monarchy’s land and property holdings and funds the Sovereign Grant, reported operating profits fell to £1.2 billion in the year to March, down from £1.4 billion the previous year, largely due to reduced offshore wind revenue.
