King Charles has become the first British monarch to publicly disclose his personal tax payments, revealing he paid £12.9 million in income and capital gains tax during the 2024-25 financial year.
The figures, published in the Royal Household’s annual report and accounts, also show that the Prince of Wales paid £7.76 million in tax over the same period. According to Buckingham Palace, the combined voluntary tax paid by King Charles and Prince William since the King acceded to the throne in 2022 exceeds £50 million.
Buckingham Palace said the publication of the tax figures was a personal decision by both the King and Prince William aimed at increasing transparency and encouraging greater public understanding of the monarchy’s accountability.
The accounts show King Charles paid £11.7 million in tax in 2023-24, while Prince William paid £8.34 million during the same period. However, the latest disclosures do not include a breakdown of how the tax liabilities were calculated or distinguish between income tax and capital gains tax.
The King receives income from the Duchy of Lancaster, a portfolio of land, property and investments that provides the monarch with an independent source of funding for official and private expenditure. The estate generated an income of £25.2 million in 2025-26. Other taxable income includes private investments, savings and revenue from the King’s Balmoral and Sandringham estates.
Prince William receives income from the Duchy of Cornwall, which funds his official duties, office and private family life. His private secretary, Ian Patrick, said the Prince pays income tax at the highest rate on any net surplus after eligible costs have been met, with those costs independently audited. The tax payable for 2025-26 remains under audit and will be published next year.
William has also decided to forgo the £1.5 million annual rental income from Dartmoor Prison. Instead, he has asked for the money to be removed from the Duchy of Cornwall’s income and directed towards supporting the local community, particularly Princetown.
The annual accounts also confirmed that King Charles and Queen Camilla will continue to live at Clarence House rather than move into Buckingham Palace after its refurbishment is completed. Palace officials said the decision would allow greater public access to Buckingham Palace and help generate additional income. It will be the first time since Queen Victoria’s reign that a monarch has chosen not to reside at Buckingham Palace.
The report also sets out changes to the Sovereign Grant, which funds the Royal Household’s official duties, staffing, travel, palace maintenance and other institutional costs.
The grant totalled £86.3 million in 2024-25, comprising £51.8 million in core funding and £34.5 million for Buckingham Palace renovations. Under a revised funding formula, the total will rise to £137.9 million in 2026-27 before falling to a core grant of £99.9 million annually from 2027-28 after the refurbishment project is completed.
Royal officials said the higher long-term core funding would support the maintenance of historic buildings, strengthen cyber security across royal residences and fund green energy projects, including replacing boilers at Windsor Castle. They stressed that the Sovereign Grant funds the institution rather than providing personal income to members of the Royal Family.
