King Charles Reveals How Much He Paid in Personal Taxes in Historic First for the British Monarchy
King Charles Reveals How Much He Paid in Personal Taxes in Historic First for the British Monarchy
Erin Hill, Simon PerryThu, June 25, 2026 at 9:00 PM UTC
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King Charles at Royal Ascot on June 19, 2026Credit: Samir Hussein/WireImage -
King Charles revealed his personal tax payments for the first time as monarch
The unprecedented disclosure comes as Buckingham Palace pushes for greater transparency around royal finances following years of scrutiny over the monarchy's wealth, public funding and property arrangements
The Royal Household's annual financial report also confirmed that King Charles and Queen Camilla won't move into Buckingham Palace after its renovation is complete
King Charles is opening the books on his personal finances in a way no British monarch has before.
Buckingham Palace announced that the King has paid more than $41 million (£30 million) in personal taxes since ascending the throne in 2022, marking the first time a reigning monarch has made the amount public.
The disclosure, released alongside the Royal Household's annual financial report, offers an unprecedented glimpse into the King's private finances as Buckingham Palace seeks to provide greater transparency around royal finances.
The move comes after years of heightened scrutiny surrounding royal wealth, public funding and property arrangements, including questions over the former Prince Andrew's continued residence at Royal Lodge after it emerged he paid only a symbolic "peppercorn" rent under his long-term lease, as well as broader calls for greater transparency.
King Charles at St. James's Palace on June 24, 2026Credit: Yui Mok - Pool/Getty
The more than $41 million figure represents taxes paid over nearly three tax years—not a single year. Buckingham Palace said Charles paid about $16 million (£11.7 million) in 2023-24 and about $17.7 million (£12.9 million) in 2024-25, in addition to taxes paid during the months immediately following his accession after Queen Elizabeth's death in 2022.
Although Britain's sovereign is exempt from paying income tax under law, Charles voluntarily pays income tax, capital gains tax and inheritance tax under an agreement with the government. He has also voluntarily paid taxes for decades, beginning during his time as Prince of Wales in the early 1990s after public debate over royal finances.
As Prince of Wales, Charles regularly disclosed the taxes he paid on income from the Duchy of Cornwall, but Friday marks the first time a reigning monarch has revealed the total amount of personal tax paid.
King Charles with Surangel S. Whipps, Jr., President of Palau, at Buckingham Palace on June 23, 2026Credit: Yui Mok - WPA Pool/Getty
The taxes apply to the King's privately earned income, including revenue from the Duchy of Lancaster estate, investment income and other personal sources of revenue. They do not apply to the Sovereign Grant — the public funding that supports the monarch's official duties and the upkeep of the occupied royal palaces.
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The financial report also offered a snapshot of the monarchy's work over the past year.
The Sovereign Grant increased to about $181 million (£132.1 million) for 2025-26, with more than half — about $92 million (£67.5 million) — going toward preserving and maintaining occupied royal palaces, including the ongoing renovation of Buckingham Palace.
King Charles during a visit to the charity, REORG, in London on June 24, 2026Credit: Chris Jackson/Getty
Charles and Queen Camilla carried out 708 official engagements, more than 100 more than the previous year. Together with Prince William, Kate Middleton and the other working members of the Royal Family, they completed 2,273 engagements across the U.K. and overseas, while nearly 97,000 guests attended 827 events hosted at the royal palaces.
Looking ahead, the Sovereign Grant will rise to about $189 million (£137.9 million) next year to complete the Buckingham Palace renovation before falling to about $137 million (£99.9 million) annually once the project concludes.
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The report also confirmed that once Buckingham Palace's decade-long renovation is complete, Charles and Camilla do not plan to make the palace their private home, instead keeping it as the ceremonial center of the monarchy, the Royal Household's primary workplace and a national heritage site open to the public. Their main residence is Clarence House in London.
On June 25, Charles' son, Prince William, also released the annual report for the Duchy of Cornwall, the private estate that provides income to the heir to the throne. The report outlined a new 10-year strategy that includes about $685 million (£500 million) investment in housing, environmental initiatives and local communities across five regions. William also announced that the about $2 million (£1.5 million) in annual rent the Duchy receives from Dartmoor Prison will be reinvested in the local community following the prison's closure.
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