King Charles paid £12.9 million in personal income and capital gains taxes for the 2024-2025 tax year, an increase from £11.7 million in 2023-24. Prince William paid £7.76 million during the same period, down from £8.34 million the previous year [1, 2, 3].
The king’s income mainly comes from the Duchy of Lancaster, which paid him £26.5 million in dividends in 2024-25 [1, 2]. Prince William pays the top rate of income and capital gains tax on all his personal earnings [1, 2]. Since ascending the throne in 2022, King Charles has paid over £30 million in personal taxes. Prince William, who became Prince of Wales the same year, has paid over £20 million [3].
King Charles’s assets include castles and lands, ranking him among the world’s wealthiest. However, his wealth is managed under historic agreements distinct from typical family fortunes [1, 2]. James Chalmers noted, “While royal finances can sometimes appear complex, the underlying system is clear in principle, structured in law and refined over time to ensure the monarch can serve with independence, accountability and in the long-term interests of the nation” [1].
On June 25, Buckingham Palace and Kensington Palace issued statements publicly disclosing the tax payments. A palace spokesperson said the disclosure was "another step in the monarchy's ongoing modernisation programme" aimed at improving transparency and public understanding [1, 2, 3].
The Sovereign Grant, which funds official royal duties and is exempt from tax, will fall from £137.9 million in 2026 to £99.9 million in 2027. This reduction follows the completion of Buckingham Palace renovations and the Crown Estate’s revenue outlook [1].
King Charles and Queen Camilla will continue living at Clarence House after refurbishment, not moving into Buckingham Palace as their permanent residence. Buckingham Palace will remain the official site for state events, ceremonies, and administrative work. The palace will also allow increased public access following the renovations [2, 3].
The next key development will be the anticipated reduction in Sovereign Grant funding next year after Buckingham Palace’s refurbishment is complete [1].
