King Charles publishes tax bills - Royal public funds to double to £100m
King Charles has become the first monarch to publish his tax returns, revealing figures showing he paid £12.9m in tax for the year 2024-2025. The level of tax paid by the King puts him among the top 100 taxpayers in the UK. The Prince of Wales said he paid £7.76m in tax over the same period, figures in the royal annual report and accounts show.
It has also been announced that the King and Queen Camilla will continue to live at Clarence House and will not move to Buckingham Palace. Meanwhile, accounts show that the main source of annual public funding for the Royal Family, the main element of the Sovereign Grant, will almost double in three years to around £100m in 2027-2028.
The Sovereign Grant for 2024-25 was £86.3 million, with £51.8 million going towards core costs and an additional £34.5 million to fund renovations to Buckingham Palace. When this work is complete, the overall figure will fall from £137.9 million to £99.9 million, but this will be significantly higher than in previous years.
The grant funds the monarchy's operating costs, including staff, travel for royal engagements and official family expenses such as receptions and the upkeep of palaces. The accounts also show that the King paid £11.7m in tax for 2023-2024, while Prince William paid £8.34m for the same period.
The change in publishing the King's personal tax details comes after calls for greater transparency around royal finances.
MPs have raised concerns about a lack of accountability over how public funds are used by the royal family, and this change in approach to the Palace's annual accounts appears to reflect a public mood for more transparency. The publication of the amount of tax the King and Prince William voluntarily pay was a personal decision made by them.
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