King Charles has made history by becoming the first British monarch to publicly release his tax bill, having paid more than £24.6 million in income and capital gains taxes since acceding to the throne in September 2022. Buckingham Palace revealed that Charles paid over £12.9 million in 2024/25 and an additional £11.7 million in the previous fiscal year, positioning him among the United Kingdom's top 100 taxpayers.

Keeper of the Privy Purse, James Chalmers, stated that the King personally requested the release of this information to enhance clarity and accessibility regarding royal finances, which have faced increased scrutiny. This move follows a tradition initiated by King Charles when he was Prince of Wales. His son, Prince William, the current heir to the throne, has also disclosed his tax payments for the first time.

Prince William's Tax Disclosures

Prince William paid £7.76 million in 2024/25 and £8.34 million in 2023-24 to HM Revenue and Customs (HMRC). His private secretary, Ian Patrick, noted that the Prince of Wales recognizes the public interest in these financial arrangements and the importance of transparency, having paid over £20 million in taxes since becoming Prince of Wales. William's private income from the Duchy of Cornwall, a landed estate whose profits fund his public and private expenditures, was £21.6 million in the last fiscal year. He voluntarily pays income tax at the highest rate on his net surplus after deducting official expenditures, though the specifics of these expenditures have not been disclosed. William plans to sell 20 percent of the Duchy's landholdings over the next decade to invest in sustainable issues and community housing.

Royal Finances and the Sovereign Grant

King Charles voluntarily pays income tax and capital gains tax on his private income, derived from the Privy Purse, which includes income from the Duchy of Lancaster, private investments, and profits from private estates like Sandringham and Balmoral. The Sovereign Grant, which funds the monarch's official duties and the Royal Household, increased to £132.1 million last year, largely due to significant renovation works at Buckingham Palace. This grant is surrendered to the nation by the monarch in exchange for an annual payment from Parliament. Graham Smith of Republic, an anti-monarchist group, described the grant as 'inflated,' although Chalmers stated it is expected to remain flat at around £100 million for the next five years.

Royal Travel Costs

The cost of royal travel rose by £400,000 to £5.1 million in the past year, attributed to increased workload and the King's return to international travel. The most expensive journey was Prince William's trip to Saudi Arabia, costing £130,106. Other significant travel expenses included the King and Queen's state visit to Italy (£126,946) and Prince William's travel for the Earthshot Prize and a climate summit in Brazil (£78,542). The Royal Train was used four times, at a cost of approximately £40,000 per use, before its decommissioning.

Royal Household Diversity

While staffing levels between men and women are broadly equal, Buckingham Palace acknowledges that challenges remain in increasing the proportion of ethnic minority employees, which has dropped to about 12 percent, below its 14 percent target.