King Charles III became the first monarch to disclose details of his personal income tax bill on Thursday in a historic step toward greater transparency.
Since ascending the throne in 2022, the king has paid more than 30 million pounds — roughly $39.6 million — in taxes, according to Buckingham Palace’s annual briefing on royal finances. The briefing said he paid 12.9 million pounds ($17 million) in tax in 2024/25 and 11.7 million pounds ($15.4 million) in 2023-24, placing him among the top 100 U.K. taxpayers.
Although the British monarch is not legally required to pay income, capital gains or inheritance tax, Charles voluntarily does so, continuing a practice begun by his mother, Queen Elizabeth II, in 1993.
The palace also revealed that King Charles and Queen Camilla will not live in Buckingham Palace after its 10-year refurbishment is completed, ending nearly two centuries of the palace serving as the British monarch’s primary London residence.
Thursday’s briefing also released details on the Sovereign Grant, public funding provided to support the monarch’s official duties, maintenance of royal palaces and other expenses.
The Sovereign Grant for 2025-26 rose to 132.1 million pounds, or about $174 million, with the increase benchmarked against the revenue of The Crown Estate. Over half of the Sovereign Grant, 67.5 million pounds ($89 million), was allocated for the preservations and protection of occupied royal palaces.
Scrutiny of royal finances and public funding intensified after Queen Elizabeth’s death, prompting the royal family to pledge to greater financial transparency and accountability.
Buckingham Palace gets an update
King Charles and Queen Camilla’s decided to not move into Buckingham Palace when renovations are completed next year, but the palace will continue to serve as the administrative headquarters of the monarchy.
“The King and Queen will not make Buckingham Palace a personal residence, reflecting Their Majesties’ wishes that the Palace remains the ceremonial centre of Royal life, the primary workplace of the Royal Household and a national heritage asset with increased opportunities for public access,” said a statement from the palace.
Charles and Camilla will continue to live at nearby Clarence House, beside St. James’s Palace, where they have lived since they married in 2005. Now both in their late 70s, the couple do not want the upheaval of moving themselves and their staff into Buckingham Palace, reports the BBC.
The decision will allow greater public access to the palace, increasing the number of events, visitors and tours each year. The palace currently receives about 700,000 guests every year.
The 10-year refurbishment of the 775-room palace, which is funded by British taxpayers through the Sovereign Grant, includes replacing cables, lead pipes, wiring and boilers — many of which have not been updated in more than 60 years — following concerns about potential fire and water damage.
“His Majesty retains huge affection for Buckingham Palace and a deep respect for its role in royal and public life,” said a palace spokesperson, per the BBC. “It will be a buzzing hive of royal activity in every other way.”