<\/p>\n
King Charles III<\/a> will reveal his personal tax bill in a bid to improve transparency, Buckingham Palace said on Saturday, as royal finances come under increasing public scrutiny. <\/p>\n<\/div>\n British monarchs are legally exempt from paying certain taxes, though they have paid some duties on a voluntary basis for decades. <\/p>\n They also have no obligation to disclose their tax bills, but recent scandals surrounding the disgraced former prince Andrew have thrust the royal family\u2019s finances into the spotlight. <\/p>\n Charles will become the first monarch to share his personal tax information, a Buckingham Palace spokesperson told the Press Association. <\/p>\n MORE: <\/b>King Charles\u2019 savvy $33bn side hustle<\/a><\/p>\n \u201cThe decision to do so as Sovereign has come at the express wish of the King himself, as part of the adaptations carried across since accession,\u201d the spokesperson said. <\/p>\n \u201cOur 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. <\/p>\n MORE: <\/b>\u2018Scandalous\u2019: Royal Family\u2019s $260m payday slammed<\/a><\/p>\n \u201cTo put it simply: we continue to modernise and evolve.\u201d <\/p>\n Charles\u2019s tax information will be shared on Thursday as part of the annual royal financial accounts, the BBC<\/i> reported. <\/p>\n Under British law, monarchs do not have to pay income tax, capital gains tax or inheritance tax.<\/p>\n However, since 1993 and starting with the late Queen Elizabeth II, they have voluntarily paid the first two.<\/p>\n Before Charles ascended the throne in 2022, he also disclosed how much tax he paid when he was Prince of Wales. <\/p>\n The royal family has sought to repair its image since the damaging revelations that Andrew, Charles\u2019s younger brother, had ties to the late US sex offender Jeffrey Epstein. <\/p>\n Government auditors revealed this month that Andrew earned a private income from subletting cottages while paying a symbolic \u201cpeppercorn rent\u201d for a mansion for more than two decades. <\/p>\n The UK Treasury allocates an annual payment known as the Sovereign Grant to cover the royal family\u2019s official duties.<\/p>\n Sources of the monarch\u2019s private income include the historic estate of the Duchy of Lancaster, which is a large, diversified portfolio of land, property, and investments. <\/p>\n The Duchy of Lancaster estate provided the King with an annual income of 26.8 million pounds ($50 million) in 2024-25.<\/p>\n \u2018 The preceding article may include information circulated by third parties \u2019 <\/em><\/p>\n \u2018 Some details of this article were extracted from the following source www.news.com.au \u2019 <\/em><\/p>\n","protected":false},"excerpt":{"rendered":" King Charles III will reveal his personal tax bill in a bid to improve transparency, Buckingham Palace said on Saturday, as royal finances come under increasing public scrutiny. British monarchs are legally exempt from paying certain taxes, though they have paid some duties on a voluntary basis for decades. 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