King Charles III is set to publish his tax return for the first time in the history of the British monarchy. According to Buckingham Palace, this will take place on Thursday 25 June. It is noted that the decision was taken personally by the monarch with the aim of increasing transparency against a backdrop of growing public interest in the finances of the British royal family.
By law, British monarchs are not obliged to publish their personal tax returns. Furthermore, they are exempt from paying certain taxes, although in recent years they have voluntarily paid some of them, in particular income tax and capital gains tax.
Charles, it is noted, began publishing information about his personal taxes whilst still heir to the throne. Information on the King’s taxes will be published alongside the traditional annual report on the Royal Family’s financial position.
The sources of income for the family and for the King personally are varied, part of which consists of a state grant that funds the expenses of the monarch’s and his relatives’ official duties. In the current financial year, the grant has risen to £132.1 million (approximately $175 million) – compared with £86.3 million last year. However, the grant is expected to be smaller this year.
In addition, the King receives private income from his estates, in particular from the Duchy of Lancaster. It is known that in 2024–2025, this income amounted to 26.8 million pounds.
Under British law, members of the Royal Family are exempt from income tax, capital gains tax and inheritance tax. However, since 1993, they have voluntarily paid the first two types of tax. Following the death of his mother, Queen Elizabeth II, Charles did not pay inheritance tax under an agreement with the government.