King Charles III makes historical past as first monarch to publish £30m tax funds to HMRC
King Charles has made history by becoming the first monarch to publish his tax payments to HMRC, with the King ranked among the top 100 taxpayers in the UK for 2024-25
King Charles has made history(Image: Getty)
The King has broken new ground by becoming the first monarch to disclose their tax payments, revealing he was among the country’s top 100 taxpayers in 2024-25. Charles has taken the initiative to release his payments to HM Revenue and Customs in an effort to promote transparency and accessibility surrounding royal finances.
Prince William, the Prince of Wales, initially opposed disclosing his own tax payments when he became heir to the throne and assumed responsibility for the Duchy of Cornwall, but has now released his financial data as a series of royal reports were made public.
Since Charles ascended to the throne following the death of Queen Elizabeth II in September 2022, he has paid more than £30 million in tax, while William has contributed more than £20 million in tax since becoming the Prince of Wales.
James Chalmers, Keeper of The Privy Purse, said: “When Prince of Wales, His Majesty disclosed his tax, and he has asked that we make public his combined income and capital gains tax payments as king.
“Today I can share with you that His Majesty’s tax payable for 2024-25 was £12.9 million. If annual media league tables are to be believed on such matters, that places His Majesty among the top 100 taxpayers in the country for that year.
“I can also share with you that His Majesty’s tax payable for 2023-24 was £11.7 million and the total amount of tax payable by His Majesty since accession to the throne is more than £30 million – all of this, remember, on a voluntary basis.
“The tax payable for 2025-2026 is not yet available as the underlying figures are subject to audit and review in accordance with our normal reporting timetables.”
Charles voluntarily contributes income tax on all his private earnings, capital gains tax on relevant parts of his assets, and inheritance tax under arrangements agreed by the late Queen that first came into effect in 1993.
The King’s private income sources could encompass funds from investments or trading profits, revenue generated by his private estates of Balmoral and Sandringham, and personal savings.
The Duchy of Lancaster estate, a private collection of land, investments and office, retail and industrial properties, also supplies the King with an annual income which in 2025-26 amounted to £25.2 million.
It was established to provide the reigning monarch with an independent income source, historically referred to as the Privy Purse, used for both official and private expenditure and for covering the expenses of other members of the royal family.
William draws an income from the Duchy of Cornwall, a billion-pound hereditary estate featuring The Oval cricket ground and providing the heir to the throne with funds, separate from the monarch.
He voluntarily pays tax on this income, £21.6 million from the duchy during 2025-26, that is not utilised to cover official expenditure.
During the 2024-25 financial year his tax bill totalled £7.76 million in income and capital gains tax and was £8.34 million in 2023-24.
