Royal finances under the spotlight as King Charles publishes tax bill
The King only pays taxes on his personal income, which is generated from his privately owned estates, Balmoral in Scotland and Sandringham on the east coast of England.
King Charles III has become the first reigning monarch to reveal his personal tax bill, a move that comes amid a broader shift in how the British royal family manages and discloses its finances.
According to an official release by the Privy Purse, for the 2024-2025 tax year, Charles paid £12.9 million (CAD $24.19 million), placing him among the 100 highest taxpayers in the U.K., the BBC reported.
The King only pays taxes on his personal income, which is generated from his privately owned estates, Balmoral in Scotland and Sandringham on the east coast of England. Charles also paid capital gains taxes related to the sale of assets.
Prince William also revealed he paid £7.76 million (CAD $14.55 million) over the same period, the Associated Press reported.
In a statement accompanying the disclosure, the Keeper of the Privy Purse, James Chalmers, said, “In this and every aspect of his duty, His Majesty is guided by a singular purpose — to serve with constancy, devotion and unwavering resolve.”
“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. A future in which tradition and modernity work hand-in-hand for the benefit of all,” he continued.
The release of the King’s personal tax bill included news that he and his wife, Queen Camilla, would not live at Buckingham Palace upon the completion of a 10-year, £369-million (USD $487 million) refurbishment, which the family says is part of a plan to increase public access to a building that has been a ceremonial pillar of the monarchy for almost two centuries.
About 700,000 people visit Buckingham Palace every year, according to Chalmers, with its 775 rooms — a selection of which are open to the public — providing everything from office space to lavish dining rooms as well as private apartments restricted to royal use.
The current renovations began in 2017 and included an overhaul of outdated plumbing, wiring, and heating systems, as well as an upgrade to the building so it could continue to house future monarchs.
King Charles and Queen Camilla have never lived together at Buckingham Palace, but it has been home to his predecessors and served as the institution’s administrative headquarters since the 1830s, when Queen Victoria designated it as the family’s principal seat.
Since 2003, their primary residence has been Clarence House, located about half a mile from the palace on the same Central London street.
Royal officials stressed that the King and Queen Camilla would continue to work out of the palace, which they said would remain “the ceremonial and operational center” of the monarchy.
“It is and will remain Monarchy HQ, the crown jewel of our national buildings,” Chalmers said.
King Charles was under no obligation to publish his tax affairs, which, like those of any citizen, are strictly confidential. His decision to relinquish that right to privacy comes in the wake of dominating headlines over former Prince Andrew‘s alleged links to convicted sex offender Jeffrey Epstein.
It also underscores the idea that the monarchy is a public institution and its workings should be public, Craig Prescott, an expert on constitutional law and the monarchy at Royal Holloway, University of London, told the Associated Press.
“If they’re open and as transparent as possible, then the contrast with Andrew Mountbatten-Windsor becomes all the greater,” he added.
Meanwhile, Prince William, who is first in line to the throne and entitled to income generated through the Duchy of Cornwall — a 130,000-acre estate set up in the 1300s to provide funds to the Prince of Wales — has recently moved to sell off a 600-acre farm on the property, with the duchy telling Global News it was in the process of “aligning and rebalancing our portfolio so that our places and assets deliver the greatest possible social and environmental impact.”
On Thursday, British media reported that Prince William would no longer pocket £1.5 million in annual income from rent charged on the now-defunct Dartmoor prison, which is on Duchy of Cornwall land, and that the money would be redistributed to support community regeneration projects.