MANCHESTER, England (CN) – King Charles III has become the first British monarch to release his personal tax bill, revealing he voluntarily paid $17 million for the 2024-25 tax year.
Buckingham Palace also confirmed on Thursday evening that he will not be moving into the iconic royal residence after its nearly $490 million renovation is complete.
DISCLOSURE It comes as the monarchy’s main source of taxpayer funding – the Sovereign Core Grant, which annually pays for official duties, staff and upkeep of royal residences – is set to almost double within three years to $132 million, following a temporary increase to fund palace renovations.
Buckingham Palace said Charles paid $15.4 million in tax in 2023-24 and $17 million in 2024-25, marking the first time a sitting monarch has publicly disclosed the amount.
Prince William also voluntarily disclosed his tax, paying $10.3 million in tax in 2024-2025, up from $11 million the year before.
Palace officials said the move is part of a wider push for greater transparency over royal finances. But many things remain unknown.
Bill sheds light on royal finances
British monarchs are exempt from paying income tax by law, but since 1993, Queen Elizabeth II and now King Charles have chosen to pay it.
The figures put Charles among Britain’s top 100 taxpayers, although the palace did not reveal how his tax liability was calculated or provide details of his taxable income, deductions or expenses.
Charles also receives $33.3 million a year from the Duchy of Lancaster, a portfolio of lands, properties and investments that provides the monarch with independent income for official and private spending.
He also makes money from private investments and his private properties at Balmoral and Sandringham. The latter is where his brother and former Prince Andrew Mountbatten-Windsor now resides after he was stripped of his royal titles following revelations about his friendship with Jeffrey Epstein.
The palace did not provide figures from these properties.
The revelations were published alongside the royal family’s annual financial report, which also confirmed that Charles and Queen Camilla will continue to live at Clarence House rather than move to Buckingham Palace once renovation work is completed next year.
Palace officials said the decision will allow Buckingham Palace – which is a six-minute walk from Clarence House – to remain the ceremonial center of the monarchy, while expanding public access to the landmark to generate additional visitor revenue.
It will be the first time since the reign of Queen Victoria (1837-1901) that a British monarch has chosen not to make Buckingham Palace a main residence.
How taxpayers fund the monarchy
The Sovereign Grant is funded by public money and is calculated using profits from the Crown Estate, a large portfolio of lands and properties owned by the monarch but managed independently.
Since 1760, every monarch has surrendered their income to the treasury in exchange for government support.
Parliament then returns a percentage of those profits to fund the official work of the monarchy. In 2017 it rose from 15% to 25% to accommodate refurbishment work at Buckingham Palace before falling to 12% in 2024. The latest review recommended increasing it to 20.5% from 2027.
The annual base grant was $68.4 million from 2021-2025. It rose to $95.3 million last year and $129 million this year before reaching $132 million next year.
Additional interim payments to complete the Buckingham Palace renovation push the total grant this year to $182 million.
James Chalmers, who oversees royal finances, said the revelations reflected the royal family’s commitment to accountability.
“While royal finances can sometimes seem complex, the underlying system is clear in principle, structured in law and refined over time to ensure that the monarch can serve independently, accountable and in the long-term interests of the nation,” Chalmers said.
Republic, a campaign group advocating for the abolition of the monarchy, said the revelations answered several questions and challenged the king to declare his full income and explain how his tax bill was calculated.
“If Charles doesn’t say what his income is, we have no idea if he’s paying the highest rate of tax, as he should be,” said Graham Smith, CEO of Republic.
Smith also criticized the continued increase in public funding for the monarchy during Britain’s protracted cost of living crisis, arguing that the annual grant has risen far faster than spending on schools or rising wages.
“Royal finances are out of control,” he added, “and Parliament must act to reduce the annual budget.”
He also questioned spending almost $490 million on renovating Buckingham Palace when Charles has decided not to live there, saying the building should be “fully open to the public all year round”.
Courthouse News reporter James Francis Whitehead is in England.
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