King Charles reveals $17M tax bill in royal accounts

King Charles has become the first British monarch to reveal his tax bill, with newly published figures showing he paid £12.9 million ($17 million) in tax during the 2024-25 financial year. According to the BBC, the level of tax paid by Charles places him among the top 100 UK taxpayers. The annual royal report and accounts also show that the Prince of Wales paid £7.76 million in tax over the same period.

Sovereign Grant and palace renovations

The accounts show that the core element of the Sovereign Grant will nearly double within three years to just under £100 million by 2027-28. The Sovereign Grant for 2024-25 was £86.3 million, with £51.8 million allocated toward core spending and a further £34.5 million funding renovations at Buckingham Palace. Once the renovation work is completed, the overall grant will fall from £137.9 million to £99.9 million, though both figures remain significantly higher than in previous years.

Clarence House and transparency

It was also revealed that Charles and Queen Camilla will continue to live in Clarence House rather than move into Buckingham Palace. The Sovereign Grant funds the monarchy’s running costs, including staffing, travel for royal engagements, and official household expenses such as receptions and palace maintenance. The disclosures mark a significant step toward transparency for the British monarchy, though the palace has not commented on whether the king will continue to disclose his tax payments in future years.