King Charles III has become the first British monarch to publicly disclose the amount of tax he pays, with newly released royal accounts showing he paid £12.9 million in tax during the 2024–2025 financial year.
The disclosure places the King among the UK’s highest taxpayers. The annual financial report also revealed that William, Prince of Wales paid £7.76 million in tax over the same period.
The report further confirmed that the King and Queen Camilla will continue living at Clarence House rather than relocating to Buckingham Palace.
According to the accounts, the Sovereign Grant—the main source of public funding for the Royal Household—is expected to increase significantly over the next three years. The core grant is projected to rise to just under £100 million by the 2027–2028 financial year.
For 2024–2025, the Sovereign Grant totalled £86.3 million, comprising £51.8 million for the monarchy’s day-to-day operations and £34.5 million for the ongoing refurbishment of Buckingham Palace. Once the renovation project is completed, total funding is expected to reduce to £99.9 million, although that will still be higher than previous levels.
The grant covers the Royal Household’s operational expenses, including staff salaries, official travel, palace maintenance and the hosting of state events and receptions.
The report also showed that the King paid £11.7 million in tax during the previous financial year, while Prince William paid £8.34 million.
The decision to publish the tax figures follows increasing calls for greater transparency over royal finances after public scrutiny of the monarchy’s spending. Buckingham Palace said both the King and Prince William chose voluntarily to release their tax details as part of efforts to improve accountability and public understanding of the Royal Household’s finances.
