Buckingham Palace announced that King Charles III will be the first British monarch in modern times to publicly disclose his personal tax payments in the upcoming annual financial report. Sources say this is a personal decision aimed at enhancing transparency and responding to public demand.
King Charles III of the United Kingdom is set to make history as the first modern monarch to officially reveal his personal tax payment amounts. This information will be disclosed on 25 June as a new element added to the royal family's annual financial report. Palace insiders say this move is a direct personal decision by the King.
Buckingham Palace stated that this initiative is part of efforts to modernize the monarchy, increase transparency, and "promote broader understanding of the monarchy’s accountable responsibilities." The decision also follows public and political calls for clearer financial disclosures by the royal family, partly due to controversies surrounding Prince Andrew, or Andrew Mountbatten-Windsor, in recent years.
This disclosure will detail the monarch’s tax payments for the past fiscal year (2024-2025), covering income tax from various sources such as profits from the Duchy of Lancaster, personal investments, and income from private residences and land, including Sandringham House and Balmoral Castle in Scotland.
By law, the British monarch is not obligated to pay income tax, inheritance tax, or capital gains tax. However, King Charles III has chosen to voluntarily pay income tax and capital gains tax on his personal assets since his time as Prince of Wales.
This disclosure will allow the public to see, for the first time, the total tax amounts paid, including taxes on profits from the Duchy of Lancaster, a large real estate and land business in northern England and central Paris and London, which generated about £24 million (around 1 billion baht) in profits last year and serves as the King's primary personal income source.
The personal tax information will be released alongside details of the "Sovereign Grant," the annual budget funded by taxpayers and allocated by the government to the royal family for palace expenses, staff salaries, building maintenance, and official royal duties.
This year, the Sovereign Grant reached a record high of £137.9 million (approximately 6.2 billion baht) due to a temporary budget increase for the major restoration of Buckingham Palace. Although the grant has never decreased since its introduction in 2012, the government is expected to announce a reduction soon following a joint review by the Treasury, Prime Minister’s Office, and Buckingham Palace. Members of Parliament will have the opportunity to debate the grant when the legislation is presented.
Additionally, the National Audit Office is preparing to investigate the royal estate’s property and land leasing arrangements to enhance oversight. Preliminary reports indicate that Princess Beatrice and Princess Eugenie, daughters of Prince Andrew who do not serve as working royals, have rights to residences at St James’s Palace and Kensington Palace, with their rent paid by King Charles III from his personal income.
A Buckingham Palace spokesperson emphasized that all these measures aim to explain every financial aspect of the monarchy in the clearest and most accessible way, promoting and elevating transparency further, in line with the monarchy's main goal of carrying out public-benefit royal duties at year-end.
. BBC