King Charles III, 77, will become the first British head of state to disclose his personal tax details, in a move aimed at increasing public transparency around the monarchy. Buckingham Palace said the decision is meant to improve the “clarity and accessibility” of royal finances.
The figures for the 2024-25 tax year are expected to be released as soon as next week, together with other financial reports for the royal household. Charles’s private income comes from several sources, including investments, business activity, and funds generated by his private estates at Balmoral and Sandringham.
One of the most important assets is the Duchy of Lancaster, a property and real estate portfolio that produced about 26.8 million pounds in annual income for him in 2024-25. Under his arrangements with the government, Charles voluntarily pays income tax on all his private income and capital gains tax on relevant assets.
The king’s decision contrasts sharply with his son, Prince William, 43, who receives income from the Duchy of Cornwall, which brought in about 23 million pounds last year. William pays income tax at the highest rate, but the exact amounts he pays are not made public. A palace spokesman said, “We continue to modernize and evolve,” adding that the move reflects the king’s own wishes.