King Charles III to reveal royal income for first time in British history
King of Great Britain Charles III (Photo: Getty Images)
King Charles III will become the first British monarch in the modern era to publicly disclose his personal tax bill. The relevant data will appear in the annual financial report already next Thursday, reports the BBC.
Interestingly, this is the monarch's personal decision. The tax payments will become a new element of the traditional Buckingham Palace report, which is part of modernization and greater transparency.
The King's office aims to help people better understand the family's responsibilities. Society has demanded openness, especially after the financial scandals surrounding Prince Andrew, Duke of York, according to the BBC.
The report covers the 2024–25 financial year and will show taxes from various sources of the King's income:
- Income from the Duchy of Lancaster;
- Dividends from personal investments;
- Income from private estates — Sandringham and Balmoral.
Such tax data is promised to be published annually.
King and taxes
Under UK law, the monarch is not legally obligated to pay taxes. This applies to income, inheritance, and capital gains. However, Charles III does so voluntarily, as he previously disclosed his tax amounts only in his capacity as the Prince of Wales.
The report notes that income from the Duchy of Lancaster alone amounted to around £24 million last year. This is a real estate business based in London and the north of England, which provides the lion's share of the King's private budget.
How much do Britons spend on the King
The tax report will be released alongside the Sovereign Grant data — the funds allocated by the state for the upkeep of the royal household, staff, and official visits. This year, the grant rose to a record £137.9 million.
The reason for the jump is the large-scale renovation of Buckingham Palace. However, costs may be cut. The Treasury and Downing Street are preparing a review of the funding.
The Public Accounts Committee will examine royal property and leasing. The National Audit Office has already uncovered interesting details: Prince Andrew's daughters, Princesses Beatrice and Eugenie, live in Kensington Palace and St James's Palace. They do not carry out official duties, and the rent is paid personally by the King from his private income.
What else is known about Charles III
Earlier, we wrote about what the monarch eats to stay young. Charles III has remained loyal to a modest and very healthy dish for years.
Recently, a mishap occurred at a British radio station where Charles III's death was mistakenly announced. Due to a technical error, a special alert protocol — which many broadcasters in the UK have — was accidentally triggered.
