King Charles III has voluntarily disclosed his personal tax payment for the 2024-2025 fiscal year, Buckingham Palace announced on Thursday, June 25, 2026. The sovereign paid £12.9 million (approximately $17 million), marking the first time a British monarch has publicly revealed such information.
The payment covers income from the Duchy of Lancaster, a private estate that funds the monarch's official duties and personal expenses. The King voluntarily pays income tax on this income, a practice initiated by his mother, Queen Elizabeth II, in 1993.
According to the palace, the King's tax payment reflects his commitment to transparency. The Duchy of Lancaster's annual accounts, also released on Thursday, showed a net income of £33.1 million for the year, up from £32.4 million the previous year.
The disclosure comes as part of broader efforts by the royal household to modernize and increase openness. The King's tax affairs are handled by professional advisors, and the payment was calculated under standard UK tax rules.
This voluntary disclosure does not affect the Sovereign Grant, which is the public funding provided to the monarchy for official duties. The Sovereign Grant for 2025-2026 is set at £86.3 million, unchanged from the previous year.
