For the first time, the British royal family has disclosed how much personal tax King Charles and Prince William have paid, as part of what Buckingham Palace described as a broader commitment to transparency.
Buckingham Palace confirmed on Friday that King Charles has paid more than £30 million ($57.3 million) in tax since becoming in 2022.
The King paid £11.7 million in the 2023-24 financial year, £12.9 million in 2024-25 and a further £5.4 million during the latter half of 2022.
“This is the first time the sovereign’s personal tax payment has been published, alongside a new document summarising the various sources of Royal Finances, as part of the Royal Household’s commitment to transparency,” Buckingham Palace said.
Prince William has also revealed details of his tax contributions since becoming the Prince of Wales and inheriting the Duchy of Cornwall.
Kensington Palace said the 44-year-old paid more than £20 million to His Majesty’s Revenue and Customs over the past two financial years, including £7.76 million ($14.8 million) in income and capital gains tax in 2024-25 and £8.34 million in 2023-24.
According to the Duchy of Cornwall’s Integrated Annual Report, these payments are made voluntarily.
“On a voluntary basis, His Royal Highness pays income tax at the prevailing rates in respect of the net revenue surplus of the Duchy after deduction of business-related costs,” the report said.
“Corporation tax is not payable because the Duchy is not a company; capital gains tax is not payable because the Duke is not entitled to capital gains.”
The disclosures come as the annual Sovereign Grant Report showed public funding for the monarchy rose to £132.1 million ($252.2 million) for 2025-26, with more than half – £67.5 million – allocated to the ongoing refurbishment of Buckingham Palace.
The 10-year project to modernise essential services at the palace is now in its ninth year. Funding is expected to rise again to £137.9 million in 2026-27 before falling to £99.9 million annually until 2032.
Despite speculation King Charles and Queen Camilla would eventually move into Buckingham Palace full-time once renovations are completed, the palace confirmed they will remain at Clarence House.
“It will be a buzzing hive of royal activity in every other way,” a palace spokesperson said.
“His Majesty retains huge affection for Buckingham Palace and a deep respect for its role in royal and public life.
“It will remain a working home but we are seeking to widen public access precisely to maximise the national benefit of a publicly funded building.”
The latest financial report also showed the King and Queen undertook 708 engagements over the past year, more than 100 additional engagements compared with the previous year.
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