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Tax bill disclosed
King Charles III became the first reigning British monarch to publicly disclose his personal tax bill, with Buckingham Palace releasing financial documents on Thursday showing he paid £12.9 million in income and capital gains taxes for the 2024-25 tax year.
“King Charles III has become the first British monarch in history to disclose the amount of taxes he has paid since ascending the throne in 2022, which amounted to about £30 million ($39”
The disclosures said Charles paid about £30 million in taxes since acceding to the throne in 2022, and the palace framed the move as part of its “commitment to transparency.”
For the 2024-25 period, the Privy Purse release reported Charles paid £12.9 million, while Prince William revealed he paid £7.76 million over the same period.
The palace also said Charles and Queen Camilla would not live at Buckingham Palace once the 10-year, £369-million refurbishment finishes next year, with officials stressing the building would remain “the ceremonial and operational center” of the monarchy.
In the same briefing, James Chalmers said, “It is and will remain Monarchy HQ, the crown jewel of our national buildings,” as the king continues living at Clarence House.
Sovereign Grant and scrutiny
The palace disclosures placed the Sovereign Grant, the public funding for the running costs of the monarchy, at £99.9m for next year, rather than £100m, and BBC commentary tied the figure to “the importance about how things look, the optics of the moment.”
AFP’s explainer said the Sovereign Grant is an annual payment allocated by the UK Treasury to cover the monarch’s official duties and the running and upkeep of official royal residences, staff support, official travel and hosting official events.
AFP reported the Sovereign Grant rose to £132.1 million in 2025-2026, with Buckingham Palace saying half of the funds—some £67.5 million—were allocated to preserving and protecting the occupied royal palaces.
The BBC also said the publishing of the King’s personal tax payments was “information never before shared,” while noting that the figure of £12.9m for 2024-2025 was not broken down beyond being tied to his personal income.
AFP said security costs are funded separately through other government departments, and it described the grant as a single payment introduced in 2012 tied to profits from the Crown Estate.
What changes next
The palace said the Sovereign Grant will be recalibrated after years of substantial increases, with AFP reporting it will be reset to £99.9 million each year for the five years between 2027-2032.
“The downfall of former Prince Andrew triggered by the Epstein affair has placed the British royal family and its finances in the spotlight, with a parliamentary inquiry expected soon, a rare move illustrating a push for greater transparency”
CNN reported Chalmers said the Sovereign Grant would be cut for the first time in 2027/28 to £100 million “in line with his majesty’s clear wishes,” and that it would stay at that level until 2031/32.
The disclosures also linked the grant’s movement to offshore wind revenue, with AFP saying the Crown Estate profits surged mainly due to a windfall from leasing seabed rights to offshore wind developers.
Beyond public funding, the reports said Charles’s personal tax payments apply to privately earned income, including revenue from the Duchy of Lancaster, and CNN said the king received £25.2 million in 2025/26 from the Duchy of Lancaster.
In the same set of disclosures, Prince William’s tax and related decisions were tied to the Duchy of Cornwall, with CNN reporting he paid £7.76 million in tax in 2024-25 and instructed that £1.5 million in rent from a closed prison go to the local community.
