Later this week we will know “all elements of royal finances” when King Charles shares his personal tax information. It will be the first time a sovereign on the throne has ever done so.
The decision was made “in order to constantly improve” and to “encourage wider understanding of our accountability”, a Buckingham Palace spokesperson confirmed.
This transparency measure to improve public understanding of monarchy finances was King-led. Although the Queen first agreed to pay tax in 1993, no monarch has gone as far as Charles’s disclosure.
The King’s personal tax information and other financial reports for the 2024-25 financial year will be published during the week while his current 2025-26 personal tax details will be released next year.
A Buckingham Palace spokesperson said: “While this is the first time a monarch has shared this personal tax information, you may recall it was similarly released by His Majesty when he was Prince of Wales.
“The decision to do so as Sovereign has come at the express wish of the King himself, as part of the adaptations carried across since accession.”
So where do the King’s private earnings come from?
The King’s private income, which goes to the Privy Purse, is sourced from the Duchy of Lancaster estate, a private portfolio of land, investments and office, retail and industrial properties.
In 2024-25 the income stood at £26.8 million and was used for official and private expenditure and for meeting expenses of other royal family members.
This modern Privy Purse tied to the Duchy of Lancaster became a permanent source of income for the monarch in 1399 when Henry IV ascended the throne and kept it separate from other royal assets.
The concept of “privy purse” dates to medieval Europe and earlier English monarchies and means a ruler’s private money separate from state funds.
Income from the private estates of Balmoral and Sandringham along with money from investments or trading profits would also be reflected in his tax bill.
How much monarch funding comes from the UK Government?
The Sovereign Grant, the UK government’s annual payment to the monarch, is only used for official duties, including staff salaries, travel, state visits, events and royal maintenance work on residences.
Last year, the monarch received £86.3 million from the Sovereign Grant, comprising £51.8 million for core expenses (travel, payroll) and £34.5 million for the Buckingham Palace Reservicing Programme.
Where the Sovereign Grant money comes from
The Crown Estate’s net profit in 2024-25 was about £1.1 billion and a percentage of those profits was returned to the Sovereign Grant – currently about 12 per cent.
The Sovereign Grant payment of £86 million to the monarch last year demonstrates why the official government view is that the monarchy is not a net cost to taxpayers, but a net contributor.
The Crown Estate is worth around £13–15 billion and is one of the UK’s biggest property portfolios.
This huge portfolio of land, property and assets across the UK is “held in right of the Crown” and managed as an independent commercial business and all of its profits go to the UK Treasury – the government.
Some people view the Crown Estate as a national public asset and believe profits would go to the Treasury regardless and that the cost of funding the monarchy is at least the size of the Sovereign Grant.
The Sovereign Grant history
The monarch surrendered Crown Estate profits to the government in 1760 and ever since then the government has used them to fund the monarchy through the Civil List – now the Sovereign Grant and royal assets are treated as public revenue.
Therefore, while the monarchy receives public funding from the Sovereign Grant, it generates far more revenue for the Treasury via the Crown Estate than it receives back.
The Palace wants to “encourage a wider understanding of our accountability”
Speaking about the King’s tax bill move, a Buckingham Palace spokesperson said: “Our aim is to explain all elements of royal finances in a way that further enhances clarity and accessibility, while also placing it in its historical and constitutional context.”
The palace spokesperson said the changes: “In order constantly to improve, and to encourage wider understanding of our accountability, the royal household has been considering options to enhance this transparency still further – and can today announce additional measures in keeping with our public service priorities.
“To put it simply: we continue to modernise and evolve.”
Accounts detailing the Sovereign Grant will be published at a press briefing this week alongside a separate extensive new royal household report on royal finances.
The Duchy of Lancaster’s accounts will also be published at another press briefing.
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