King Charles III has paid more than £30 million ($39.6 million) in personal taxes since ascending the British throne in September 2022, Buckingham Palace announced on Thursday in the first public disclosure of tax payments by a reigning monarch.
The unprecedented release forms part of the Palace’s commitment to greater transparency amid increasing public scrutiny of royal finances.
Prince William, heir to the throne, also disclosed his personal tax contributions for the first time, revealing that he has paid more than £20 million in income and capital gains taxes since becoming Prince of Wales following his father’s accession.
Although British monarchs are legally exempt from certain taxes and are not required to disclose their personal tax affairs, members of the Royal Family have voluntarily paid income and capital gains taxes since 1993.
According to Buckingham Palace, King Charles has paid more than £30 million in taxes since becoming monarch, including £24.6 million over the two full tax years following his accession. The amount comprises £11.7 million for the 2023–24 tax year and £12.9 million for 2024–25.
The Palace noted that the King’s voluntary tax payments apply to income received through the Sovereign Grant and the Duchy of Lancaster, which funds both official duties and personal expenses.
In a departure from royal tradition, Prince William has also chosen to make his tax information public. His late grandmother, Queen Elizabeth II, never disclosed her personal tax payments during her 70-year reign.
The disclosures come as royal finances face renewed public attention following recent controversies involving Prince Andrew and broader calls for greater accountability.
Buckingham Palace also announced that the Sovereign Grant—the public funding allocated to support the monarchy—will be set at £99.9 million annually from the 2027–28 financial year.
The grant currently stands at £132.1 million for 2025–26 and will increase to £137.9 million in 2026–27 to fund the final phase of the £370 million refurbishment of Buckingham Palace.
The Palace confirmed that King Charles III and Queen Camilla do not intend to use Buckingham Palace as their private residence after the decade-long renovation project is completed. Instead, the building will continue to serve as the ceremonial centre of the monarchy, the principal workplace of the Royal Household and a national heritage site with expanded public access.
Additional funding from the Sovereign Grant will also support maintenance of occupied royal residences, installation of energy-efficient heating systems and improvements to cybersecurity infrastructure.
Meanwhile, the Crown Estate, the independent commercial body that manages the monarchy’s land and property portfolio on behalf of the government, reported a decline in annual operating profits.
Profits fell to £1.2 billion in the year ending March, down from £1.4 billion the previous year, largely due to lower offshore wind revenues as several projects entered the construction phase.
The Crown Estate’s profits are used to calculate the Sovereign Grant, which is currently set at 12 percent of its net revenues from two years earlier.
