Prince William has joined his father’s move for transparency in royal accounts, with both King Charles and his heir revealing how much personal tax they’ve paid for the very first time.
The monarch has footed a tax bill in excess of £30 million ($57.3 million) in the two full tax years since becoming King, Buckingham Palace confirmed on Friday.
Both King Charles (left) and Prince William (right) have for the first time revealed their personal tax bills, in a bid for more transparency of royal accounts. Samir Hussein
His Majesty’s tax bill was £11.7 million in 2023-24 and £12.9 million in 2024-25, respectively. The remaining £5.4 million in the second half of 2022.
“This is the first time the sovereign’s personal tax payment has been published, alongside a new document summarising the various sources of Royal Finances, as part of the Royal Household’s commitment to transparency,” Buckingham Palace said.
Meanwhile, since taking over the Duchy of Cornwall as the Prince of Wales, the 44-year-old has paid more than £20 million in tax to His Majesty’s Revenue and Customs (HMRC), Kensington Palace said.
Prince William paid £7.76 million ($14.8 million) in income tax and capital gains tax in the 2024-25 tax year and £8.34 million in the 2023-24 tax year.
Prince William’s income tax bill on The Duchy of Cornwall is all the more extraordinary because it’s paid on voluntary basis. Getty
The tax bill for the royal, who is also the Duke of Cornwall, is all the more extraordinary because it’s paid voluntarily, the Duchy of Cornwall’s Integrated Annual Report revealed.
“On a voluntary basis, His Royal Highness pays income tax at the prevailing rates in respect of the net revenue surplus of the Duchy after deduction of business-related costs,” the report said.
“Corporation tax is not payable because the Duchy is not a company; capital gains tax is not payable because the Duke is not entitled to capital gains.”
The Sovereign Grant Report revealed funding for the British monarchy rose to £132.1 million ($252.2 million) in 2025-26, with more than half that – £67.5 million – used to preserve and protect occupied royal palaces.
The increase also reflects the major 10-year Buckingham Palace reservicing project, to modernise essential building services within the building, which is now in it’s ninth year.
In March it was confirmed this year’s Sovereign Grant (for the 2026-27 tax year) would increase again to £137.9 million for the final year of the reservicing project. After that, it will be reduced to £99.9 million until 2032.
King Charles and wife Queen Camilla won’t be moving into Buckingham Palace after the reservicing works are completed, they announced. AP
It was expected that King Charles and Queen Camilla would move from their home into Buckingham Palace full-time once these works were completed.
However, today, the palace confirmed they’ll stay at Clarence House, just down The Mall.
“It will be a buzzing hive of royal activity in every other way,” a palace spokesperson said.
“His Majesty retains huge affection for Buckingham Palace and a deep respect for its role in royal and public life.
“It will remain a working home but we are seeking to widen public access precisely to maximise the national benefit of a publicly funded building.”
The report also reveals the King and Queen have added even more to their busy schedules with a total of 708 engagements – an increase of more than 100 engagements on the last year.