Britainʼs King Charles III and Prince William have revealed their tax returns. For the 2024/25 tax year, the king paid £12.9 million ($17 million) and his son £7.76 million ($10.24 million).
Bloomberg writes about this.
Buckingham Palace has not released the tax rate the king pays. Financial statements for the Duchy of Lancaster, the main source of the monarchʼs personal income, show that the monarch received £26.5 million ($34.99 million) in dividends in 2024-2025. Prince William said in the report that he "pays the highest rate of income and capital gains tax on all of his personal income".
The British monarchʼs taxes have increased compared to last year, paying £11.7 million ($15.45 million) in 2023/24. At the same time, Prince Williamʼs taxes have decreased, from £8.34 million ($11.01 million) to £7.76 million ($10.24 million).
Where does the king get the money?
The kingʼs assets range from castles to riverbeds, making him one of the richest people in the world. At the same time, the monarchʼs fortune is extremely complex, governed by ancient agreements that differ significantly from the rules that apply to most other wealthy families.
To carry out their official duties, the British royal family is funded by the Sovereign Grant, an annual fixed payment based on an agreement between the monarch and the British government concluded in 1760.
It usually amounts to up to a quarter of the income from the Crown Estate, a state property fund whose assets include, in particular, Regent Street (one of Londonʼs most popular shopping streets with luxury brand stores) and the famous Hamleys toy store.
The UK Treasury said the tax-free grant will be reduced to £99.9 million (about $137 million) next year, down from £137.9 million (about $189 million) this year. This is due to the completion of a decade-long renovation of Buckingham Palace and also reflects the forecast for future income from the Crown Estate.
The British monarch also receives income from the Duchy of Lancaster, which owns over 40 000 acres of land in England and Wales. This money is used to finance the activities of the monarch and other members of the British royal family. The duchy has been the personal property of the current monarch since 1399.
Meanwhile, the Duchy of Cornwall, which covers around 130 000 acres of land mostly in southwest England, provides similar funding to the Prince of Wales and his family.
- Charles previously disclosed his tax payments when he was Prince of Wales. His late mother Queen Elizabeth II voluntarily began paying income and capital gains tax in 1992, following the fire at Windsor Castle. However, no modern British monarch has ever disclosed their personal tax accounts.
Author: Khrystyna Pitsuriak
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