Now THIS is a royal reveal we definitely didn’t see coming!
For the very first time ever, Buckingham Palace has just publicly disclosed exactly how much King Charles paid in personal taxes since becoming monarch, giving the public a rare peek behind the palace walls and into the King’s private finances. And the number is enough to make anyone do a double take!
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According to Buckingham Palace’s newly released annual financial report, as noted per People and others on Thursday night, King Charles paid more than $41 million (roughly £30 million) in personal taxes since taking the throne following Queen Elizabeth II‘s death in 2022. That’s a lot of moolah — but more notably, that’s the first occasion a reigning British monarch has EVER publicly revealed the total amount paid in personal taxes.
Seriously!
Before anyone assumes that’s what he paid in a single year, that total actually covers nearly three tax years. The report says Charles paid approximately $16 million during the 2023-24 tax year and another estimated $17.7 million in 2024-25, in addition to taxes paid during the first months of his reign in 2022 after initially ascending the throne. Still, it’s a lot!
And what’s especially interesting is that the British monarch isn’t actually required by law to pay income tax. Instead, Charles does so voluntarily under an agreement with the government to pay income tax, capital gains tax, and inheritance tax on qualifying personal income. It’s also not a new habit for him. He began voluntarily paying taxes decades ago while serving as Prince of Wales after previous public discussion surrounding royal finances.
The taxes only apply to Charles’ private sources of income, FYI. That includes earnings connected to the Duchy of Lancaster, investment income, and other personal revenue. And they do NOT include the Sovereign Grant, which is taxpayer-funded money used to support official royal duties and maintain occupied royal residences.
The financial report wasn’t just about taxes, either. It also highlighted another busy year for the Royal Family. King Charles and Queen Camilla reportedly carried out 708 official engagements (nearly two a day!!), while working members of the family collectively completed 2,273 engagements in the UK and abroad. Nearly 97,000 guests also attended hundreds of events hosted at royal palaces throughout the year.
Not bad!
The report also revealed that the Sovereign Grant will increase again next year as work continues on the massive renovation of Buckingham Palace. Once that long-running project is finished, however, Charles and Camilla reportedly have no plans to move into the palace as their private residence. Instead, they’ll continue living at Clarence House while Buckingham Palace remains the monarchy’s ceremonial headquarters, principal workplace, and a landmark open to visitors, per the report.
Related: Why William Is A WAY Bigger Problem For King Charles Than Harry Ever Was!
But again, it’s all about taxes, baby! That’s cuz the timing of this financial reveal comes after years of growing public curiosity about royal wealth, government funding, and property arrangements involving members of the family.
So, by releasing these figures, Buckingham Palace appears to be taking another step toward openness by offering the public a clearer picture of how the monarchy’s finances operate.
Whether this level of financial openness becomes the new normal remains to be seen, of course. But we def don’t hate the attempt at being transparent, ya know?!
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[Image via MEGA/WENN]