King Charles III will become the first reigning British monarch to publicly disclose the amount of tax he pays, Buckingham Palace confirmed this week.
The disclosure will take place on Thursday as part of the annual release of royal financial accounts. Palace officials said the move reflects the King’s commitment to greater transparency and accountability.
The decision marks a significant shift in how the monarchy presents its finances to the public.
A Buckingham Palace spokesperson said the goal is to “explain all elements of royal finances in a way that further enhances clarity and accessibility”. “To put it simply, we continue to modernise and evolve,” the spokesperson added.
The announcement comes amid growing calls for greater openness about royal wealth and public funding.
What the Disclosure Will Cover
The report will outline King Charles’s tax payments for the 2024-25 financial year.
It will include tax paid on income from the Duchy of Lancaster. The estate generated about £26.8 million for the King last year.
The disclosure will also cover earnings from Sandringham, Balmoral, personal investments and other private income sources.
British law does not require monarchs to pay income tax or capital gains tax. However, Charles voluntarily pays tax on his private income.
The Palace will also reveal the total amount he paid. This will be the first time a reigning monarch has made that figure public.
Officials said they will publish details for the 2025-26 financial year after completing the audit process.
Transparency Drive Gains Momentum
The move follows years of public and parliamentary pressure for greater transparency.
Lawmakers have repeatedly called for more information about royal finances. Debate intensified after controversies involving Prince Andrew and wider questions about accountability within the royal family.
King Charles previously disclosed tax payments while serving as Prince of Wales. His son, Prince William, has continued the practice of voluntarily paying tax on income from the Duchy of Cornwall.
Financial records show William received nearly £23 million from the Duchy last year.
However, officials have not disclosed the exact amount of tax he paid. The King’s disclosure will appear alongside the annual Sovereign Grant report. The grant funds official royal duties and helps maintain royal residences.
The Sovereign Grant reached a record £137.9 million in the latest financial year.
Much of the increase supported ongoing refurbishment work at Buckingham Palace.
British media reports suggest the Treasury may reduce the grant following a scheduled review.
Supporters of the monarchy say greater openness strengthens public trust. While critics argue that taxpayers deserve even more information about royal finances.
Regardless of the debate, Thursday’s disclosure will mark a historic first for the British monarchy.
For the first time, the public will learn exactly how much tax a reigning monarch pays.
