In a historic break from royal secrecy, Buckingham Palace disclosed that King Charles III paid £12.9 million in tax for the 2024-25 financial year. The voluntary payment likely places him among Britain's largest taxpayers.
The disclosure also revealed Prince William paid more than £20 million in tax since inheriting the title of Prince of Wales. Notably, the British monarch is legally exempt from income, capital gains, and inheritance taxes. Charles pays voluntarily, continuing a practice started by Queen Elizabeth II.
The King's private income primarily comes from the Duchy of Lancaster estate. The move for transparency is seen as a response to mounting pressure following the scandal surrounding his brother, Prince Andrew.
Critics argue the headline figure is meaningless without a full breakdown of royal income. This is contrasted with the public funding the monarchy receives, with the Sovereign Grant set to rise to £137.9 million.
Despite the criticism, the release marks the first time a reigning monarch's voluntary tax payment has been made public in modern British history.