King Charles III is expected to become the first British monarch to unveil his tax bill on Thursday as he responds to demands for more transparency in the royal finances after months of scandalous headlines about his disgraced younger brother, the former Prince Andrew.
The details will be released during Buckingham Palace’s annual briefing on the grant, the way taxpayers fund the monarchy, British media reported over the weekend. Last year, the palace published a 159-page report on how it spent the 86.3 million pounds ($113.7 million) it received from the Treasury, including money for a major renovation of the palace.
When Charles releases details of the tax he paid on his salary as Prince of Wales, it will be the first time he has done so since taking the throne following the death of his mother, Queen Elizabeth II, in 2022. Prince William, the current Prince of Wales, is expected to follow his father’s example during a separate meeting.
The moves come as lawmakers and the public demand more clarity about the inner workings of the monarchy following revelations about former Prince Andrew, who was stripped of his titles in 2025.
Now known as Andrew Mountbatten-Windsor, the king’s younger brother is being investigated for misconduct in public office related to his friendship with convicted sex offender Jeffrey Epstein. Mountbatten-Windsor has been forced out of the royal estate, which has failed to pay rent.
The king wants a lot of clarity
The king made the personal decision to reveal his tax payments as part of a campaign to “encourage greater transparency and accountability,” the BBC reported last Saturday, citing palace sources.
Even before the Mountbatten-Windsor scandal broke, Charles was committed to reducing the monarchy and cutting costs as he sought to ensure the millennia-old institution’s survival in the face of growing questions about the role of the hereditary monarchy in a modern democracy.
The monarch has a personal fortune worth 680 million pounds ($896 million), placing him at No. 230 on the Sunday Times’ annual list of Britain’s richest people.
While the king is not required to pay taxes, Charles voluntarily pays taxes on his private wealth. His mother began paying the tax in 1993 after public outrage over the cost of restoring Windsor Castle following a devastating fire the previous year. The arrangement was made official under a memorandum of understanding between the government and the crown, which guarantees Charles the same right to privacy as any other taxpayer.
The king has several sources of income
The king is expected to release details of the taxes he pays only on his private wealth, most of which comes from two private estates, Balmoral in Scotland and Sandringham on England’s east coast, as well as savings and investments.
Balmoral is made up of over 50,000 acres (20,000 hectares) and the king’s summer home, Balmoral Castle. Many of the grounds are open to the public, and the area offers guided tours, afternoon tea and golf. Sandringham is a 20,000-acre (8,000-hectare) manor on the east coast of England. The houses and gardens are open to the public, and most of the land is cultivated by the estate itself or by tenants.
File: United Kingdom, Scotland, Aberdeenshire, Balmoral, View of Balmoral Castle. Balmoral Castle is located on the River Dee at the foot of Lochnagar Mountain, Scotland.
Robert Plattner/Oneworld Picture/Universal Images Group via Getty Images
The king does not pay stipend tax or other income that is used to support his official duties.
Prince William’s main source of private income is the Duchy of Cornwall, a portfolio of land and investments that the Prince of Wales trusted during his lifetime. The duchy has 130,000 hectares (52,000 acres) of land and reported a profit of 22.9 million pounds ($30.2 million) last year. The duchy is overseen by a board of directors and major decisions must be approved by the Ministry of Finance.
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