King Charles has become the first monarch to publicly disclose his tax payments, putting him in the top 100 of Britain’s taxpayers.
The monarch paid £12.9 million in tax for 2024-2025. On the other hand, Prince William also revealed he paid £7.76 million in income and capital gains tax for the same period.
Both royals made the personal and voluntary decision to disclose these figures to increase transparency.
Buckingham Palace also described the move as increasing transparency and aimed to “encourage wider understanding of our accountability.”
It has also been revealed that King Charles and Queen Camilla will continue their residency at Clarence House rather than moving into Buckingham Palace.
The intention behind their decision is to facilitate the greater public access to the palace after the completion of a £370 million worth refurbishment project, which is scheduled to be completed in March 2027.
However, the critics are not happy about this decision. Norman Baker, a vocal critic of royal funding, argued that the revenue generated from the ticket sales should be directed to the Treasury instead of the Royal family.
“They bring in millions every year, so what should happen is if they’re not living in Buckingham Palace, [they] should open it to the public and all the money from visitors 12 months of the year should go to the Treasury to help pay for refurbishment,” he said.
Speaking about the royal finances and funding, the accounts also showed that the Sovereign Grant, the main source of funding for the Royal Household, will rise to £99.9 million for 2027-2028 and remain fixed for the next 5 years.
As per officials’ reports, Sovereign Grant funds the institution’s work and staff, including travel, security and maintenance. The grant does not serve the private lives and wealth of the Royal family.
A major chunk of the Sovereign Grant increase is also reserved for green energy transitions, such as replacing boilers at Windsor Castle, and strengthening cyber security.
According to King’s keeper of the Privy Purse and treasurer James Chalmers, “Expenditure is governed by the same standards and disciplines as any publicly funded body, with strict value-for-money requirements, detailed planning, multi-year strategies, independent audit, and Treasury oversight.”
The annual royal accounts’ publication also reveals that the most expensive overseas royal visit was the Prince of Wales’ trip to Saudi Arabia which cost around £130,000.
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