King Charles has made history by becoming the first monarch to make his tax payments public, putting him in the UK's top 100 taxpayers by 2024-25.
This unprecedented disclosure aims to improve clarity and accessibility around real finances.
The Prince of Wales, who initially resisted publishing his own tax data upon inheriting the Duchy of Cornwall, has now also published his financial data as part of wider royal reports.
Since his accession to the throne in September 2022, King Charles has paid more than £30 million in taxes. Prince William has contributed more than £20 million since becoming Prince of Wales.
James Chalmers, Keeper of the Privy Purse, said: “When the Prince of Wales, Her Majesty revealed his taxes, he asked that we make public his combined income and capital gains tax payments as king.
“Today I can share with you that Her Majesty's tax payable for 2024-25 was £12.9 million.
“If annual media rankings on these issues are to be believed, that puts Her Majesty among the top 100 taxpayers in the country that year.
“I can also share with you that Her Majesty's tax payable for 2023-24 was £11.7 million, and the total amount of tax payable by Her Majesty since her accession to the throne is over £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 schedules.”
Charles voluntarily pays income tax on all his private income, capital gains tax on relevant elements of his assets and inheritance tax under agreements agreed by the late Queen which first came into force in 1993.
The King's private sources of income could include money from investments or business profits, funds generated by his private estates of Balmoral and Sandringham, and private savings.
The ownership of the Duchy of Lancaster, a private portfolio of land, investments and offices, commercial and industrial properties, also provides the King with an annual income which, in 2025-26, was £25.2 million.
It was designed to provide the reigning monarch with an independent source of income, historically known as the Privy Purse, used for both official and private expenses and to cover the expenses of other members of the royal family.
William receives income from the Duchy of Cornwall, a £1bn hereditary estate which includes The Oval cricket ground and which provides funds to the heir to the throne, independently of the monarch.
He voluntarily pays taxes on this income (£21.6 million from the duchy during 2025-26) which is not used to cover official expenses.
During the 2024-25 financial year, its tax bill was £7.76 million in income and capital gains tax, and it was £8.34 million in 2023-24.
