King Charles III will release his tax report, marking the first time a British monarch has done so in modern history, according to the Press Association and the BBC.
Buckingham Palace said the decision was made to promote “clarity and accessibility.” The palace spokesperson also noted that Charles had previously disclosed his personal tax details during his tenure as Prince of Wales.
The tax report for the 2024-2025 financial year is expected to be published in the coming days, Press Association reported.
Charles’s income sources may include returns from investments, stocks, private residences, and bank accounts. One key asset is the Duchy of Lancaster, a vast estate that generated £26.8 million (approximately €30.9 million) in the 2024-2025 period. This private income, known as the “Privy Purse,” is used to fund Charles’s official and personal expenses as well as to support other members of the royal family.
Under a 2023 memorandum on royal taxation approved by the UK government, Charles pays taxes on all personal income and capital gains linked to his assets.
The palace spokesperson emphasised the aim to improve transparency by explaining royal finances in a clear and accessible way while placing them within a historical and constitutional context. “To put it simply: we continue to modernise and evolve,” they added.
The move towards greater transparency comes amid calls for more scrutiny of royal finances. These demands were heightened after a scandal involving Charles’s brother, Andrew, who for years earned income by sub-letting cottages on a royal estate where he himself lived rent-free.
Prince William, meanwhile, does not disclose his personal tax information but is understood to pay the highest rate of income tax.
