Charles becomes first to reveal his taxes, saying he paid $17M in 2025
June 26 (UPI) — Britain’s King Charles III paid $17.2 million in taxes in 2024-25 and almost $40 million since he ascended the throne in 2022, according to the first ever tax statement published by the crown.
The British monarch has no tax liability in law, but both the then-Prince Charles and the late Queen Elizabeth II began paying voluntarily in 1993.
The palace said in a news release Thursday that the move to release the sovereign’s personal tax bill — but not his tax return — together with a statement detailing income sources was “part of the Royal Household’s commitment to transparency.”
The Royal Household’s annual financial statement shows Prince William paid a little over $10.3 million in taxes in 2024-25, bringing the total father and son paid to His Majesty’s Revenue & Customs to more than $66 million since September 2022.
Charles’ effective rate of tax remains unknown because the only source of income provided is $33.7 million revenue from his Duchy of Lancaster, a private estate that has provided the reigning monarch’s personal income since 1399, out of which other working members of the royal family are paid.
Same for William, who earned $28.5 million in revenue from his Duchy of Cornwall, out of which he pays his own way for himself and his family.
William’s duchy, which he inherited from his father, was worth $1.59 billion, while the King’s had assets of $911 million. Neither can benefit from sales of assets belonging to their respective estates.
Taxation experts said the releases did little to increase the transparency they were billed as providing.
Dan Neidle of Tax Policy Associates told the BBC that the King’s affairs remained “highly opaque”.
“We don’t know how much of that is capital gains tax, how much is income tax. Very importantly, we don’t know what expenses he’s deducted to come up with the figure on which he pays the tax,” he explained.
At the same time, the Sovereign Grant for the financial year ended March 31, money the government pays each year to fund the monarch’s official duties, the travel of working members of the royal family, and running and maintaining the main five royal palaces and castles, rose to $174.6 million after remaining flat for the past four years.
More than half, $88.2 million, went on maintaining and “reservicing” the royal real estate, according to the Sovereign Grant Statement.
The grant will rise to $182.4 million in the current financial year, which started April 1, but the rise is a one-off to cover the final year of a 10-year, $489.4 million modernization program for Buckingham Palace, and will thereafter be pegged at $132.2 million a year through 2032.
The grant is a fixed share — 12% — of the profit generated over the two previous financial years by the Crown Estate, a sprawling $16 billion business, real estate and land portfolio that technically belongs to the monarch but was surrendered to parliament in 1760.
Keeper of the Privy Purse, James Chalmers, pointed to the stability afforded by previous reigns during periods of historic transition, saying today’s monarchy was continuing to adapt to meet the challenges of the modern world where the Royal Family’s “soft” diplomacy was ever more valuable.
“So, while much changes, our central principles remain: to deliver value for money and to support the Royal Family as they seek to help shape a better world, here in the United Kingdom, across the Commonwealth and beyond,” he said.
“While Royal finances can sometimes appear complex, the underlying system is clear in principle, structured in law and refined over time to ensure the Monarch can serve with independence, accountability and in the long-term interests of the nation,” added Chalmers.
The king also used the news release to announce that, despite the costly refurbishment, he and Queen Camilla will never live at Buckingham Palace — the iconic official royal residence since Queen Victoria made it her home in 1837 — although it will continue to be used for official events and engagements and will be opened to the public.
King Charles’ preferred royal residence is the nearby Clarence House.
