King Charles III to Publish His Tax Return for Greater Royal Financial Transparency

King Charles III has embraced the aim of increasing transparency around royal family finances and will become the first British monarch to publish his tax return, a Buckingham Palace spokesperson said on Saturday.

“Although this is the first time a monarch has shared this personal tax information, it should be remembered that His Majesty had already published it when he was Prince of Wales,” the spokesperson for the headquarters of the British monarchy added.

King Charles III’s commitment to financial transparency

The move was made at the King’s express wish, “as part of the changes introduced since his accession to the throne” on 8 September 2022, the spokesperson said.

“Our aim is to explain every aspect of the royal finances in a way that further improves clarity and accessibility,” the spokesperson stated.

The head of state’s private income is thought to include returns from investments or business profits, funds generated by his private estates at Balmoral in Scotland and Sandringham in England, as well as personal savings.

The Duchy of Lancaster and the King’s income

The Duchy of Lancaster in north-west England - a private portfolio of land, investments, office property and commercial premises - also provides the King with an annual income. In the 2024/2025 financial year, this amounted to £26.8 million (€30.82 million).

The duchy was created to give the reigning monarch an income stream, historically known as the “Privy Purse”. It is used for both official and private costs, as well as to meet the expenses of other members of the British royal family.

The King’s personal tax information for the 2024-25 tax year is expected to be released in the coming days, alongside other reports concerning royal finances.

Tax details for the 2025-26 financial year will be published next year, once the audit has been completed.

Royal finances and the Sovereign Grant

Meanwhile, Prince William, Charles III’s eldest son, receives income from the Duchy of Cornwall in south-west England, a collection of hereditary leased land that supplies funds to the heir to the Crown. The Prince of Wales pays tax on this income but does not disclose the amount.

Following the scandal involving Andrew Mountbatten-Windsor, the King’s brother, who paid far too little for the Windsor mansion in west London where he lived, several MPs called for greater transparency in royal family finances.

The King’s tax return will be published together with details of the so-called “Sovereign Grant”, the annual public funding for the Royal Household. This covers staff salaries, the upkeep of royal buildings and travel for official engagements.