King Charles to make historic tax move

King Charles will be the first British monarch in the country’s modern history to disclose his personal tax bill.

The 77-year-old’s taxes will soon become public knowledge after being disclosed on Thursday – a decision he came to on his own, according to Buckingham Palace.

A spokesperson for the royal family shared that the new element in the annual royal financial accounts will be disclosed in order to “encourage wider understanding of our accountability”.

“To put it simply, we continue to modernise and evolve,” they said, adding that they intend to publish the monarch’s taxes annually.

Among the details disclosed will be the King’s tax payments for the previous year, 2024-25, including his profits on the Duchy of Lancaster, which amounted to £24 million ($45 million) last year, and any investments and earnings from his private estates like Sandringham and Balmoral, which is how he makes most of his personal income. 

Charles has been disclosing his tax before he was King.

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Monarchs are generally not obliged to pay income tax, inheritance tax on what they receive from a previous monarch, or capital gains tax, but Charles voluntarily pays income tax and capital gains tax on any sale of private assets.

After his brother Andrew Mountbatten-Windsor‘s scandals, particularly him paying peppercorn rent during his tenancy at the Royal Lodge and even reportedly subletting cottages while doing so, MPs have pushed for more transparency about the royals’ financial dealings.

The public has also responded positively to the reveal.

Buckingham Palace has responded by revealing the financial reports, adding “Our aim is to explain all elements of royal finances in a way that further enhances clarity and accessibility.”