King Charles has revealed he paid £12.9 million in tax during the 2024-25 financial year, becoming the first British monarch to publicly disclose the amount of tax he has paid. Get today's headlines by email The figure, published in the Royal Household's annual report and accounts, places the King among the UK's highest taxpayers. The report also shows that the Prince of Wales paid £7.76 million in income and capital gains tax over the same period. Move to increase transparencyAccording to Buckingham Palace, the publication of the King's and Prince William's tax payments was a voluntary decision made by both men to improve transparency and demonstrate accountability. The accounts show the King paid £11.7 million in tax in 2023-24, while Prince William paid £8.34 million during the same year. Since Charles became monarch and William inherited the Duchy of Cornwall, the pair have paid more than £50 million in tax to HM Revenue and Customs. No detailed breakdown of how either tax bill was calculated has been released. The King's income comes primarily from the Duchy of Lancaster, a portfolio of land, property and investments that provides the monarch with an independent source of funding for official and private expenses. The estate generated an income of £25.2 million in 2025-26. Additional taxable income comes from the King's personal investments and his private estates at Balmoral and Sandringham. Prince William receives income from the Duchy of Cornwall, the hereditary estate that funds his official duties, office and private family life. His private secretary, Ian Patrick, said the prince pays income tax at the highest rate on any net surplus after eligible costs, which are independently audited. Tax figures for 2025-26 will be published after the audit is completed next year. Royal funding and spendingThe annual accounts also show that the Sovereign Grant, which funds the work of the Royal Household, will increase to £99.9 million a year from 2027-28 under a revised funding formula. The grant covers staffing, building maintenance and official travel. Royal officials said the additional funding will support the upkeep of historic buildings, strengthen cyber security at royal residences and finance environmental improvements, including an £11 million boiler replacement programme at Windsor Castle. James Chalmers, the King's Keeper of the Privy Purse, said the grant was subject to strict oversight and value-for-money requirements, adding that it funds the institution rather than the Royal Family's private income or wealth. The report also details travel costs over the past year. Prince William's three-day visit to Saudi Arabia in February cost just over £130,000, narrowly exceeding the £126,946 spent on the King and Queen's state visit to Italy in April. The King's journey to Lancaster aboard the royal train cost £48,460. The train is scheduled to be retired by 2027 as part of cost-saving measures. Members of the Royal Family also made 177 helicopter journeys costing £733,063. Clarence House to remain royal homeThe accounts confirm that King Charles and Queen Camilla will continue living at Clarence House rather than moving into Buckingham Palace after refurbishment work is completed. Officials said the decision would allow greater public access to Buckingham Palace and help increase revenue from the historic building. Renovation work, costing just under £370 million, is expected to be completed by March next year. The move means King Charles will become the first monarch since Queen Victoria to choose not to make Buckingham Palace his primary residence. Join the discussion? Already a member? Adapted by ASEAN Now. Source 26 June 2026
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