King Charles has become the first monarch to publish a tax bill, £12.9 million for 2024-25, which put him among the country’s top 100 taxpayers that financial year.
A number of royal accounts were published on Thursday, including details such as Charles has paid more than £30m in total tax since becoming King in 2022, while William has made tax payments of more than £20m since becoming the Prince of Wales.
Also disclosed was that the Sovereign Grant, which funds Charles’s official duties and the work of his household, increased by £45.8 million to £132.1 million in 2025-26.
Additionally, the accounts showed that Prince William undertook the most expensive official overseas trip in the 12 months to March 2026, making a three-day round trip by charter plane to Saudi Arabia in February at a cost of £130,106, including a separate staff planning visit.
The increased transparency of the royals’ finances will be welcomed in some quarters, questions about them remain.
How much are King Charles and Prince William worth?
“Buckingham Palace has confirmed the amount of tax payable by His Majesty since Accession is more than £30 million. In the two full tax years since becoming King, His Majesty’s tax bill was £11.7 million in 2023-24 and £12.9 million in 2024-25 respectively”.
That was all that the Royal Family’s statement said about the King’s tax bill. Any detail beyond those figures was not provided – there is not a breakdown of what the payments cover.
This is significant as the income of the royal family can be complicated and convoluted – and Buckingham Palace does not comment on it.
As well as the Sovereign Grant, the King receives income from the sovereign’s landed estate, the Duchy of Lancaster, while the Prince of Wales receives the net profits from the Duchy of Cornwall, a billion-pound hereditary estate including assets such as The Oval cricket ground in London.
In 2025-26, the King’s income from the Duchy of Lancaster was £25.2 million, while William’s income from his Duchy in the same period was £21.6m.
However, the value of the King’s private investments and inherited wealth are not made public.
Could the King’s tax affairs be more transparent?
The King and Prince of Wales face no legal requirement to pay tax, but the Monarch and heir have voluntarily paid capital gains tax, as well as income tax on their earnings from the Duchies and from personal investments (with expenses deducted), but not on the Sovereign Grant, since 1992.
Dan Neidle, founder of Tax Policy Associates, described the King’s decision to publish how much tax he paid as still being “highly opaque”.
He told BBC Radio 4’s Today programme: “We don’t know how much of that is capital gains tax, how much is income tax.”
“Very importantly, we don’t know what expenses he’s deducted to come up with the figure on which he pays the tax.”
In a thread on X, Mr Neidle added: “I’m left wondering what the point of this exercise is.”
He made two suggestions about how this could be improved: “A proper level of disclosure appropriate for assets of this size. The kind of accounts you’d see from a large private company, say. A breakdown of the ‘tax’.
“But I’d prefer to be more grown-up. Drop the pretence this is “tax” (it isn’t). It’s just a complicated and roundabout way to reduce the £ paid to the King.”
Additionally, we do not know how much is paid to other royals. The Sovereign Grant Act of 2011 meant that the amounts paid to them, including minor royals, is no longer published.
There are 11 Windsors who perform royal duties, seven of whom are paid an income which is drawn from Charles’ wealth. However, it is not known how much they are paid.
