UK’s King Charles breaks tradition to reveal US$17 million tax bill

King Charles will not reside at Buckingham Palace following its ten-year refurbishment, which concludes next year. This decision marks the end of nearly two centuries of the palace serving as the British monarch's primary residence. Concurrently, royal officials revealed that King Charles paid £12.9 million (US$17.04 million) in tax for the 2024/25 period, a figure made public for the first time. This tax payment places him among Britain's top 100 taxpayers. These disclosures come as members of the royal family have committed to increased financial transparency, responding to criticism that has emerged since Queen Elizabeth's passing in 2022.

King Charles and Queen Camilla will not reside at Buckingham Palace after its £369 million renovation concludes next year, opting instead to remain at Clarence House. This decision, made after careful consideration, aims to increase public access to the palace, which will continue to serve as the ceremonial and operational center of royal life. The announcement coincides with the revelation that King Charles paid £12.9 million in income and capital gains tax in 2024-25 on his personal income, making him one of the country's top taxpayers. Additionally, the core sovereign grant, public funds for royal duties, is set to nearly double from £51.8 million to £99.9 million annually by 2027-28.

King Charles has become the first modern monarch to publicly disclose his tax payments, revealing he paid £24.6 million over the last two years on his private income. This move, driven by the King's wish for greater openness and public pressure, is seen by some as a step towards transparency. However, the article highlights that significant details remain undisclosed, including the exact amount of his personal wealth and the income on which his tax is calculated. While the Crown Estate reported over £1 billion in profit for the third consecutive year, the extent of the King's personal fortune, estimated by The Guardian at £1.8 billion, remains largely private. Further transparency could be achieved by disclosing payments to other working royals and clarifying the status of gifts and wills.