King Charles reportedly becomes the first British monarch in history to disclose tax details. This happened during the briefing on royal finances, where he shared the taxes paid for 2024-2025, which were slightly more than the previous year. The news comes amid King Charles and Camilla’s decision not to move to Buckingham Palace as they continue to aim to increase public access to historic buildings.
King Charles III’s tax disclosure marks a royal first
King Charles III revealed that he paid 12.9 million pounds ($16.1 million) in 2024-2025. This put him among the top 100 UK taxpayers. In this specific year, the Sovereign grant was said to be £ 86.3 million. It was bifurcated: an extra £34.5m went to Buckingham Palace renovations, and £51.8m was core spending. However, a detailed breakdown of the tax wasn’t provided, which makes it harder to understand the calculation.
Dan Neidle, founder of Tax Policy Associates, describes the disclosure as “highly opaque.” He said on BBC Radio 4’s Today program, “We don’t know how much of that is capital gains tax, how much is income tax. Very importantly, we don’t know what expenses he’s deducted to come up with the figure on which he pays the tax (via BBC).”
At the same time, Prince William also disclosed his tax figures for the same year. The Prince of Wales revealed that he paid 7.76 million pounds in income and capital gains taxes. It’s a figure slightly higher than last year, when he paid 8.34 million pounds.
This disclosure comes amid the report that King Charles and Camilla continue to stay at nearby Clarence House. After the 10-year refurbishment program at Buckingham Palace is completed, it will remain the “ceremonial and operational center” of the monarchy. The rulers have no plans to move into the palace. The royal household entered the program in 2017. It will be completed next year (via NBC News).
Originally reported by Shazmeen Navrange on Mandatory.
