King Charles III has paid more than £30 million in personal taxes since becoming monarch in September 2022, Buckingham Palace announced Thursday, in an unprecedented disclosure by a reigning British sovereign. The palace said the release was part of its commitment to transparency as royal finances face increasing public scrutiny.
Breakdown of tax payments
In the two full tax years since his accession on September 10, 2022, Charles's personal tax bill totaled £24.6 million: £11.7 million in 2023-24 and £12.9 million in 2024-25. The palace did not provide a figure for the partial 2022-23 tax year. Overall, the amount payable since accession exceeds £30 million.
Prince William's tax disclosure
Prince William, 44, also revealed his personal tax information for the first time. He has paid more than £20 million in income and capital gains taxes since inheriting the title Prince of Wales when his father became king. His payments included £8.34 million in 2023-24 and £7.76 million in 2024-25.
Voluntary tax payments and legal exemptions
British monarchs are legally exempt from paying income, capital gains, and inheritance taxes. However, since 1993, they have voluntarily paid income and capital gains taxes following public pressure after a Windsor Castle fire required expensive repairs. Charles began releasing his personal tax information as heir to the throne and has continued the practice as king, breaking with his mother Queen Elizabeth II, who never disclosed her tax bills during her seven-decade reign.
Sources of royal income
The monarch's income comes from several sources: the publicly funded Sovereign Grant, the private Duchy of Lancaster (worth tens of millions of pounds annually, used for personal expenses and official duties), and private assets including the Balmoral and Sandringham estates, art, jewelry, stamp collections, investments, and savings. Buckingham Palace noted the disclosure reflects a commitment to transparency amid renewed scrutiny following scandals involving Prince Andrew.
