King Charles publishes personal tax bill for first time, disclosing £12.9m paid in 2024-25

Summary

The Royal Household published its Sovereign Grant annual report on June 25, including the first voluntary personal tax disclosure by a reigning British monarch. King Charles III paid £12.9 million to HM Revenue and Customs in 2024-25, £11.7 million in 2023-24, and more than £30 million in total since his accession in September 2022. The bulk of the income flows from the Duchy of Lancaster, which generated around £25 million last year. Prince William published his Duchy of Cornwall tax payments alongside, in a joint declaration of intent described by Buckingham Palace as a "personal decision" to encourage accountability. British monarchs have no statutory obligation to pay income or capital gains tax; the voluntary arrangement dates to 1992.

Why it matters

The disclosure, timed to coincide with the annual accounts, breaks a tradition that dates to the founding of the modern monarchy. Tax policy analysts note the published figures still exclude the full scope of Crown Estate assets and the Sovereign Grant itself, leaving the total economic footprint of the institution opaque even after what the Palace called a transparency step.

What to watch

• Whether Parliament's Public Accounts Committee calls for statutory disclosure obligations following the voluntary precedent.
• Scrutiny of the Duchy of Lancaster accounts; campaigners argue the duchy's tax-exempt status and the voluntary payment regime are constitutionally anomalous.
• Prince Harry's response, given his public criticisms of Palace financial management in his memoir.