Charles III will become the first British monarch in modern history to publicly disclose the amount of his income and taxes
King Charles III of Great Britain will become the first British monarch in modern history to publicly disclose the size of his income and tax data. This was reported by BBC, citing sources at Buckingham Palace.
According to the publication, information about the king’s tax payments will be published on Thursday as part of the royal family’s annual financial statements. BBC sources note that Charles III made this decision personally.
Buckingham Palace explained that this step is part of a modernization program that should increase transparency and “promote a wider understanding of our accountability.” It also came in response to calls for greater transparency about the royal family’s finances following the scandals surrounding Andrew Mountbatten-Windsor.
The released data will cover the king’s tax payments for the 2024–2025 financial year. These will include taxes on his income, including income from the Duchy of Lancaster, personal investments and the monarch’s private estates, including Sandringham and Balmoral.
A Buckingham Palace spokesman said it was part of a wider initiative to be more open to the public.
“Simply put, we continue to modernise and develop,” he said, confirming a commitment to publish information about the king’s taxes every year.
Monarchs are not required to pay income tax, inheritance tax from a previous monarch or capital gains tax. At the same time, the king voluntarily pays income tax and capital gains tax on the sale of private assets.
The total amount of taxes paid will be made public for the first time. It will also include the income tax of the Duchy of Lancaster, which last year amounted to about 24 million pounds sterling. This property business, which includes estates in northern England and real estate in central London, provides a significant part of the monarch’s personal income.
Amid the scandals surrounding Andrew Mountbatten-Windsor, members of parliament were among those demanding greater transparency of the financial transactions of members of the royal family. A more detailed look at the royal finances is expected in the financial report, due to be published next week.
