King Charles III made history by becoming the first reigning British monarch to publicly disclose how much he pays in taxes. Buckingham Palace revealed the king’s voluntary tax payments as part of its annual financial reports released Thursday.
Voluntary Tax Payments
The monarch is not legally required to pay income or capital gains tax but does so voluntarily under a longstanding arrangement. The unprecedented disclosure also included the first public release of Prince William’s voluntary tax payments and was presented as part of the palace’s effort to increase transparency around royal finances.
Following his ascension to the throne in 2022 after the death of his mother, Queen Elizabeth II, Charles has paid more than 30 million pounds (about $39.6 million) in taxes. According to the reports, Charles paid 12.9 million pounds (about $17 million) in voluntary income and capital gains taxes for 2024-25 and 11.7 million pounds (about $15.4 million) for 2023-24.
Financial Reports
The financial reports included the Sovereign Grant Annual Report and a new ‘Royal Finances’ explainer. While the documents revealed summary tax payments, they stopped short of publishing complete tax returns or detailing the king’s full income and wealth.
Original reporting: Fox News (HLL/CB) — read the source article.
