There has been further public debate about the management of both the Duchy of Cornwall, which provides a private income for the Prince of Wales, and the Duchy of Lancaster, which does the same for the monarch. Both portfolios earn millions from renting out properties to public bodies and charities while at the same time benefiting from tax exemptions.
Buckingham Palace noted that the annual Sovereign Grant report contained extensive detail of publicly funded expenditure and other core operational data relating to royal finances. It is subject to government oversight and scrutiny by Parliament, the media and the public.
However, the new report has been created in an effort to explain “fully, fairly and factually in one place” how royal finances operate.
It will explain how the palace is accountable and outline governance procedures to demonstrate that the royal household is not a “closed shop” that makes up its own rules.
Transparency
A palace spokesman said: “In order constantly to improve, and to encourage wider understanding of our accountability, the royal household has been considering options to enhance this transparency still further – and can today announce additional measures in keeping with our public service priorities.
“To put it simply: we continue to modernise and evolve. Our aim is to explain all elements of royal finances in a way that further enhances clarity and accessibility, while also placing it in its historical and constitutional context.”
When the details of 2025-2026 have been fully audited, palace sources said the intention was to share the total tax payment at next year’s Sovereign Grant briefing, and annually moving forward.
Craig Prescott, a constitutional expert at Royal Holloway, University of London, said the decision to publish the King’s personal tax bill represented “a huge shift towards transparency”.
He told The Telegraph: “This aspect of the monarchy, particularly the income that goes into the Privy Purse, has always been opaque and difficult to really get to the bottom of. By disclosing information about how much tax he’s paying on that income, the King is taking a very significant step.”
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.telegraph.co.uk ’
