Charles III makes historical decision on the finances of the royal family

O king Charles III assumed the goal of promoting transparency in the finances of the royal family and will be the first British monarch to make public his tax returns, said this Saturday a spokesman for Buckingham.

“ Although this is the first time a monarch has shared this personal tax information, remember that His Majesty had already published it when he was Prince of Wales,” added the spokesman for the home palace of the British monarchy.

The decision was made by the king’s express desire, “as part of the adaptations implemented since his accession to the throne,” the spokesman added on 8 September 2022.

“ Our goal is to explain all aspects of real finance in a way that further improves clarity and accessibility”, said the spokesman.

It is estimated that the private income of the Head of State may include those from investments or commercial profits, funds generated by its private properties of Balmoral (Scotland) and Sandringham (England), and personal savings.

In addition, the Duchy of Lancaster (northwest England) – a private portfolio of land, investments, office buildings and commercial establishments – also provides the king with an annual income which, in the fiscal year 2024/2025, amounted to GBP 26.8 million (30.82 million).

This duchy was designed to provide the acting monarch with a source of income, historically known as the “Private Pocket”, used for both official and private expenses and to cover the expenses of other members of the British royal family.

It is expected that in the coming days the king's personal tax information concerning the financial year 2024-25 will be disclosed, together with other reports on the real finances.

Tax data for the financial year 2025-26 will be published next year as soon as the audit is completed.

However, Charles III's eldest son, Prince William, receives income from the Duchy of Cornwall (southwest England), a set of rented hereditary lands that provide funds to the Crown's heir.

The Prince of Wales pays taxes on those incomes, but does not disclose the amount.

Following the scandal involving André Mountbatten-Windsor, the king's brother, for paying very little for the mansion where he lived in Windsor, west of London, several parliamentarians demanded greater transparency in the royal family's finances.

The king’s tax return will be published along with the details of the so-called “Sovereign Grant”, an annual public funding from the Royal House, which covers expenses for staff payments, maintenance of royal buildings and travel to official events.