Royal finances under spotlight as King Charles publishes tax bill – National
King Charles III has become the first reigning monarch to unveil his tax bill, a move that comes amid wider changes to the way Britain’s royal family manages and discloses its finances.
According to an official release from the Privy Purse, in the 2024-2025 tax year, Charles paid £12.9 million (CAD $24.19 million), placing him among the top 100 taxpayers in the UK, the BBC reported.
The king only pays taxes on his personal income, which is earned at his private estates, Balmoral in Scotland and Sandringham on the east coast of England. Charles also paid capital gains tax related to the sale of the property.
Prince William also revealed that he paid £7.76 million (CAD $14.55 million) during the same period, the Associated Press reported.
In a statement accompanying the disclosure, Keeper of the Privy Purse, James Chalmers, said, “In this and throughout her career, Her Majesty is guided by a single purpose – unwavering service, dedication and unwavering determination.”
“So, although there are many changes, our core principles remain: delivering value for money and supporting the Royal Family as they seek to help shape a better world, here in the United Kingdom, across the Commonwealth and beyond. A future where tradition and modernity work together for the benefit of all,” he continued.
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The release of the king’s tax bill comes with news that he and his wife, Queen Camilla, will not be staying at Buckingham Palace when a 10-year, £369-million (USD $487 million) renovation is completed, which the family says is part of a plan to increase public access to the building that has been the centerpiece of nearly a century of monarchies.
About 700,000 people visit Buckingham Palace every year, according to Chalmers, whose 775 rooms – a selection open to the public – offer everything from office space to luxurious dining rooms and private apartments used only by royalty.
Current renovations began in 2017 and include renovating outdated plumbing, wiring, and heating systems, as well as upgrading the building to accommodate future owners.
King Charles and Queen Camilla have never lived together at Buckingham Palace, but it has been home to their predecessors and served as the institution’s administrative headquarters since the 1830s, when Queen Victoria appointed it as the main seat of the family.
Since 2003, their primary residence has been Clarence House, located about half a mile from the palace on the same road in Central London.
Members of the royal family on the balcony of Buckingham Palace, London, to watch the plane fly past following the Trooping the Color ceremony in central London, as King Charles III celebrates his official birthday. Saturday, June 13, 2026.
PA Photo.Aaron Chown/PA Wire
Royal officials have stressed that the King and Queen Camilla will continue to work out of the palace, which they say will remain a “ceremonial and operational centre” for the monarchy.
“It is and will continue to be Monarchy HQ, an architectural jewel of our country,” Chalmers said.
King Charles was not obliged to publish his tax affairs, which, like any citizen, are strictly confidential. His decision to waive that right to privacy comes after headlines dominated over allegations that former Prince Andrew had ties to convicted sex offender Jeffrey Epstein.
It also reinforces the idea that the monarchy is a public institution and its operation should be public, Craig Prescott, an expert in constitutional law and the monarchy at Royal Holloway, University of London, told the Associated Press.
“If he is as open and transparent as possible, the contrast with Andrew Mountbatten-Windsor is stark,” he added.
Meanwhile, Prince William, the first in line to the throne and entitled to the income derived from the Duchy of Cornwall – a 130,000 hectare estate established in the 1300s to provide funds for the Prince of Wales – has recently moved to sell a 600 hectare farm in the area, with the process of renovating Global News. that our places and assets have the greatest social and environmental impact.”
On Thursday, British media reported that Prince William will no longer be able to withdraw £1.5 million a year from the rent charged on the existing Dartmoor prison, located in the Duchy of Cornwall, and that the money will be redistributed to support community regeneration projects.
-via files from the Associated Press
© 2026 Global News, a division of Corus Entertainment Inc.
