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King Charles III made history this week by becoming the first reigning British monarch to publicly disclose how much he pays in taxes.
Buckingham Palace revealed the king’s voluntary tax payments as part of its annual financial reports released Thursday. The monarch is not legally required to pay income or capital gains tax but does so voluntarily under a longstanding arrangement.
The unprecedented disclosure also included the first public release of Prince William’s voluntary tax payments and was presented as part of the palace’s effort to increase transparency around royal finances.
The financial reports included the Sovereign Grant Annual Report and a new “Royal Finances” explainer. While the documents revealed summary tax payments, they stopped short of publishing complete tax returns or detailing the king’s full income and wealth.
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From Charles’ record-setting tax disclosure to new details about William’s finances and the future of Buckingham Palace, here’s what we learned from the newly released royal financial documents.
Charles has voluntarily paid almost $40 million in taxes since becoming king
Following his ascension to the throne in 2022 after the death of his mother, Queen Elizabeth II, Charles has paid more than 30 million pounds (about $39.6 million) in taxes.
According to the reports, Charles paid 12.9 million pounds (about $17 million) in voluntary income and capital gains taxes for 2024-25 and 11.7 million pounds (about $15.4 million) for 2023-24.
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In a statement to The Guardian prior to the release of the annual financial reports, the palace addressed the decision to publish the king’s tax information for the first time and pointed out that he had adopted a similar practice while serving as Prince of Wales.
“While this is the first time a monarch has shared this personal tax information, you may recall it was similarly released by His Majesty when he was Prince of Wales,” the palace said.
“The decision to do so as sovereign has come at the express wish of the king himself, as part of the adaptations carried across since accession.”
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Although King Charles is exempt from paying income tax and capital gains tax as sovereign, he continues a voluntary practice established by Queen Elizabeth II in 1993 following public scrutiny over royal finances.
Under an agreement with the United Kingdom’s government, the monarch pays taxes on relevant private income despite having no legal obligation to do so.
Much of Charles’ private income comes from the Duchy of Lancaster, a private estate consisting of land, property and investments that provides income to the reigning monarch.
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Per the reports, the Duchy generated 27.5 million pounds (about $36.3 million) in income for the king in 2023-24 and 26.8 million pounds (about $35.3 million) in 2024-25.
Prince William revealed his tax payments for the first time
The latest financial documents mark the first time Prince William has publicly revealed his tax payments.
The 44-year-old royal’s tax bill largely stems from income generated by the Duchy of Cornwall, which he inherited when he became Prince of Wales in 2022.
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Though William continued the practice of voluntarily paying income and capital gains tax on his income after becoming Prince of Wales, he did not previously disclose the amounts.
William’s decision not to reveal his 2023-24 tax bill previously drew media attention because it broke with Charles’ decades-long practice.
Per the new documents, William paid 7.76 million pounds (about $10.2 million) in 2024-25 and 8.34 million pounds (about $11 million) in 2023-24, bringing his total tax bill to more than 20 million pounds (about $26.3 million) since becoming Prince of Wales and inheriting the Duchy of Cornwall estate.
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According to the Duchy of Cornwall’s annual reports, the estate generated a 23.6 million-pound (about $31.1 million) surplus in 2023-24 and a 22.9 million-pound (about $30.2 million) surplus in 2024-25.
Charles is among the U.K.’s biggest taxpayers
James Chalmers, the Keeper of the Privy Purse, said during a Thursday briefing that, based on annual media rankings, Charles’ 2024-25 tax bill would likely place him among the U.K.’s top 100 taxpayers.
Chalmers made the comparison to illustrate the scale of the king’s tax bill after the palace released the figures for the first time.
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Buckingham Palace says the disclosures are part of a transparency initiative
Ahead of the release of the Sovereign Grant Annual Report and the new Royal Finances summary, Buckingham Palace said the expanded financial disclosures were part of a broader effort to increase transparency and public understanding of how the monarchy is funded.
“Our aim is to explain all elements of royal finances in a way that further enhances clarity and accessibility, while also placing it in its historical and constitutional context,” a palace spokesperson told The Guardian.
“In order to constantly improve, and to encourage wider understanding of our accountability, the royal household has been considering options to enhance this transparency still further – and can today announce additional measures in keeping with our public service priorities,” the spokesperson added.
“To put it simply: we continue to modernize and evolve.”
The documents still don’t tell the whole story
While the disclosures revealed how much Charles and William paid in voluntary taxes, they did not provide a complete picture of the royals’ finances.
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Though the reports disclosed some information about income from the Duchy of Lancaster and the Duchy of Cornwall, they did not include complete tax returns, detailed tax calculations, itemized deductions, capital gains or a comprehensive accounting of Charles’ and William’s overall wealth.
Buckingham Palace won’t become Charles and Camilla’s full-time home
The Sovereign Grant report confirmed that Charles and his wife, Queen Camilla, plan to remain at Clarence House, where they have lived since marrying in 2005, after Buckingham Palace’s multiyear renovation is complete.
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Instead, Buckingham Palace will continue serving as the monarchy’s official headquarters, hosting state occasions, ceremonial events and administrative offices rather than becoming the royal couple’s primary residence.
The disclosures stop with the 2024-25 tax year
The newly released reports do not include tax information for 2025-26 because the figures are still being audited. Buckingham Palace said those numbers are not yet available.
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