King Charles will disclose how much tax he pays as monarch for the first time when Buckingham Palace releases the Royal Household’s annual financial accounts on Thursday.
The announcement marks a significant change in the way the King’s private finances are presented to the public, as the Palace faces growing pressure to explain how the monarchy is funded and how royal wealth is treated under the tax system.
A Buckingham Palace spokesperson said publishing the information was intended to “encourage wider understanding of our accountability.”
Under British law, the monarch is not required to pay income tax or capital gains tax. The King was also not liable for inheritance tax on assets transferred to him after the death of Queen Elizabeth II in September 2022. The exemption allows property belonging to the sovereign to pass intact from one reign to the next.
Charles has nevertheless agreed to pay income tax voluntarily on earnings that are not used to meet the cost of his official duties. He also pays capital gains tax when private investments or other personally owned assets are sold at a profit.
The arrangement continues a practice established by Queen Elizabeth in 1993, following criticism of the financial privileges enjoyed by the Royal Family. Charles also disclosed information about his tax payments while serving as Prince of Wales and plans to provide similar details in the coming years.
The King receives private income from investments, property, and the Duchy of Lancaster, a large portfolio of land, commercial buildings, and financial holdings that provides revenue to the reigning sovereign.
That income is separate from the Sovereign Grant, which is provided by the government to support official engagements, travel, employees, and the maintenance of occupied royal residences. Public funding for the monarchy rose to £132 million for the 2025/26 financial year, following an increase in Crown Estate profits.
The publication of the accounts comes as royal property arrangements face closer examination in Parliament. The Public Accounts Committee opened an inquiry last year into homes occupied by members of the Royal Family, including the terms under which the properties are provided and maintained.
Although the disclosure will offer greater insight into the King’s personal tax contribution, it is unlikely to provide a complete picture of the wealth controlled by Charles and the wider Royal Family.