King Charles reveals tax bill for first time as he lands among UK's top 100 taxpayers
King Charles has become the first monarch to reveal his annual tax payments, which show he was in the UK’s top 100 tax payers.
The king made the historic move to share his payments to HM Revenue and Customs in a bid to provide clarity and accessibility around royal finances.
The figures show that since becoming king in 2022, Charles has paid more than £30 million in tax, while son William has paid £20 million since becoming the Prince of Wales.
His tax payments for the financial year 2024-2025 put King Charles in the top tax payers in the UK.
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James Chalmers, Keeper of The Privy Purse, said: “When Prince of Wales, His Majesty disclosed his tax, and he has asked that we make public his combined income and capital gains tax payments as king.
“Today I can share with you that His Majesty’s tax payable for 2024-25 was £12.9 million.
“If annual media league tables are to be believed on such matters, that places His Majesty among the top 100 taxpayers in the country for that year.
“I can also share with you that His Majesty’s tax payable for 2023-24 was £11.7 million and the total amount of tax payable by His Majesty since accession to the throne is more than £30 million – all of this, remember, on a voluntary basis.
“The tax payable for 2025-2026 is not yet available as the underlying figures are subject to audit and review in accordance with our normal reporting timetables.”
Interestingly, the King doesn’t legally need to pay tax, but chooses to pay voluntary income tax on all his private income, capital gains tax on relevant elements of his assets, and inheritance tax under arrangements agreed by the late Queen that first came into effect in 1993.
The King’s private sources of income may include money from investments or trading profits, funds generated by his private estates of Balmoral and Sandringham, as well as private savings.
The Duchy of Lancaster estate, a private portfolio of land, investments and office, retail and industrial properties, also provides the King with an annual income which in 2025-26 was £25.2 million.
The estate was set up to give the reigning monarch an independent source of income, which was historically known as the Privy Purse, used for both official and private expenses and for meeting the expenses of other members of the royal family.
Topics: Royal Family, King Charles III
Claire Reid