The annual activity report and financial accounts of the British royal family have been released. According to the report, King Charles III paid a total of 12.9 million pounds in taxes for the 2024-2025 fiscal period. This amount placed the King among the top 100 taxpayers in the UK.
Prince William also paid 7.76 million pounds in income and capital gains tax over the same period. In the previous 2023-2024 period, King Charles had paid 11.7 million pounds, and Prince William had paid 8.34 million pounds in taxes.
Since King Charles ascended the throne in 2022, the total tax amount paid by father and son to HM Revenue and Customs (HMRC) has exceeded 50 million pounds.
Tax disclosure as a transparency step
Buckingham Palace stated that the disclosure of the tax amounts paid by King Charles and Prince William was their "personal decision." The Palace said the step aims to increase transparency and strengthen public understanding of the royal family's accountability.
Sources of income
King Charles's taxable income sources include revenue from the portfolio of land, property, and investments known as the Duchy of Lancaster, as well as his personal investments, savings, and income from his private estates at Balmoral and Sandringham. The Duchy of Lancaster provided King Charles with 25.2 million pounds in income for the 2025-2026 period.
Prince William's income, used for his official duties, office, and private expenses for his family, is derived from the Duchy of Cornwall. Prince William's Private Secretary, Ian Patrick, stated that the prince pays income tax at the highest rate on the net income remaining after these expenses are covered, and that the expenses are independently audited to ensure the appropriateness of deductions.
They will not move to Buckingham Palace
In a written statement by a Buckingham Palace spokesperson, it was announced that King Charles III and Queen Camilla will not move into Buckingham Palace after the completion of the 369 million pound renovation works next year. The statement noted that this decision would allow Buckingham Palace to be opened more to the public, and that the royal couple will continue to use Clarence House, near the palace, as their official residence.
The statement, which indicated that the palace will continue to be a place where royal activities are intensively carried out, said Buckingham Palace will continue to host state banquets, garden parties, receptions, and meetings with the prime minister and new ambassadors. As part of the renovation works, which have been ongoing for about 10 years and are planned to be completed in March 2027, the old electrical wiring, lead pipes, plumbing, and boilers in the palace will be replaced.
