King Charles to Publish Personal Tax Payments for 2024-25 Alongside Sovereign Grant Details

King Charles will become the first UK monarch in modern times to make his personal tax payments public. The figures for the financial year 2024-25 will appear on Thursday inside the annual royal financial accounts. The disclosure will show tax paid on income from the Duchy of Lancaster, personal investments, and earnings from the King's private estates at Sandringham and Balmoral.

The Duchy of Lancaster recorded profits of about £24 million last year. Buckingham Palace said the decision was taken personally by the King. " The spokesman added, "To put it simply, we continue to modernise and evolve," and confirmed that the tax bill will be published every year from now on.

When he was Prince of Wales, Charles already released details of his tax payments. Monarchs are not required to pay income tax, inheritance tax on assets received from a predecessor, or capital gains tax. King Charles voluntarily pays income tax and capital gains tax on sales of private assets.

The tax figures will be released together with details of the Sovereign Grant, the public funding that supports the Royal Household. 9 million this year, with a temporary increase allocated to renovations at Buckingham Palace. A first reduction in the Sovereign Grant is expected soon after a review by the Treasury, Downing Street and the Royal Household.

MPs will debate the grant when new legislation reaches Parliament. The Public Accounts Committee will also open an inquiry into royal property and leases from the Crown Estate. An initial National Audit Office report showed that Princess Beatrice and Princess Eugenie occupy properties in St James's Palace and Kensington Palace, with rent paid by the King from his private income.