King Charles will make history next week when the monarch becomes the first head of state to reveal their personal tax bill.
A Buckingham Palace spokesperson said: “While this is the first time a monarch has shared this personal tax information, you may recall it was similarly released by His Majesty when he was Prince of Wales. The decision to do so as Sovereign has come at the express wish of the King himself, as part of the adaptations carried across since accession.”
They added: “Our aim is to explain all elements of royal finances in a way that further enhances clarity and accessibility, while also placing it in its historical and constitutional context.”
The King’s tax payment covers all of his private income, including the Duchy of Lancaster, private estates, Sandringham and Balmoral and any investment income.
The tax payment for the year 2024-2025 will be released in full, alongside separate reports on royal finances. The monarch’s tax details for the year 2025-2026 will be released next year following the completion of an audit.
Accounts for the Duchy of Lancaster are also slated to be released, although this will be as a later date. The Buckingham Palace spokesperson said: “In order constantly to improve, and to encourage wider understanding of our accountability, the royal household has been considering options to enhance this transparency still further – and can today announce additional measures in keeping with our public service priorities.
“To put it simply: we continue to modernise and evolve.”
Royal controversy
The publication of the King’s finances will come following months of questions around royal finances, especially properties. Last year, it was revealed that both Andrew Mountbatten-Windsor and the Duke and Duchess of Edinburgh had been paying peppercorn rents on their royal residences.
Meanwhile, a publication from the National Audit Office earlier this month revealed that the King had been footing the bill for his nieces, Princess Beatrice and Princess Eugenie’s accommodation in royal palaces, despite neither of them being working royals.
The rental values of the properties were also below market value, as these were calculated on out-of-date open market valuations. Eugenie’s rent was 50% of the 2018 open market value from 2020 to 2021 and ranged from 55% in 2022 to 63% in 2025, while rent on Beatrice’s was 60% of the 2020 market value from 2020-2021 and ranged from 62% to 68% between 2022-2025, the NAO said.
The current rental rates are now 64% of a 2026 open market valuation for Eugenie, and 68% of a 2026 valuation for Beatrice.
© Kirstin SinclairThe NAO did not release details of how much the King pays for Eugenie and Beatrice’s rent, saying the amounts were private.
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