How King Charles Makes Money as He Becomes First Monarch To Reveal Tax Bill
King Charles III is soon set to publish his personal tax bill, becoming the first reigning monarch of the United Kingdom to do so.
Buckingham Palace has confirmed that Charles, 77, will be releasing his personal tax information and other financial reports for the 2024-25 financial year next week, and publishing details relating to his 2025-26 personal taxes at some point next year.
Newsweek has contacted Buckingham Palace via email for comment.
Why Is Charles Publishing His Taxes?
The opaque nature of the royal family's finances has been a key criticism among U.K. republicans-both over the amount earned through landholdings and private investments, as well as that which comes from the government-fueling long-standing calls for greater transparency on the part of the monarchy.
These grew in volume in the wake of scandals involving Andrew Mountbatten-Windsor-formerly Prince Andrew-and lingering questions about his personal and financial ties to the sex offender Jeffrey Epstein.
In a statement quoted by the BBC and other outlets such as The i Paper, Buckingham Palace said the decision was taken to "encourage wider understanding of our accountability."
"The decision to do so as sovereign has come at the express wish of the king himself, as part of the adaptations carried across since accession," the statement continued.
Where Does Charles' Money Come From?
The King is exempt from income tax, inheritance tax and capital gains tax, though royals have voluntarily paid certain duties since 1993. And while Charles does not have a formal salary, he draws on multiple income streams both public and private that the upcoming returns will shed light on.
Public Income: The Sovereign Grant
The royal family receives a significant sum from the government, financed from a portion of the profits from the "Crown Estate"-an independently managed property portfolio-which are held by the Treasury.
This forms the King's "Sovereign Grant," which is only to be used for official outlays such as staff salaries, state visits and maintenance work on royal residences.
The Sovereign Grant has risen to a record £137.9 million ($183 million) for the 2026-2027 fiscal year, equal to 12 percent-the current cap-of the Crown Estate's £1.1 billion net profit in 2024-25.
Since its introduction in 2012, the grant has never been reduced, though a review of the funding structure is being carried out this year.
The Duchy of Lancaster-The King's Estate
According to the House of Commons Library, the king also received £28.7 million ($38 million) in 2024-2025 from the Privy Purse, which is treated as the monarch's semi-private income stream and subject to fewer disclosure requirements than the Sovereign Grant.
This is sourced from the net revenue of the Duchy of Lancaster Estate, a collection of properties and other investments across England and Wales. Unlike the Sovereign Grant, funds from the Privy Purse belong to the king personally, and are used to fund a combination of official expenses and his own private spending, such as upkeep on his residences and non-official travel.
Alongside the new tax records and the Sovereign Grant report, Buckingham Palace has said the Duchy of Lancaster accounts will also be released at separate briefing.
The King's Personal Fortune
As well as further details on the Duchy of Lancaster, Charles' tax records are expected to reveal further information about his private incomes, derived from investments as well as the private estates of Balmoral and Sandringham.
Located in the Scottish Highlands and the East of England, respectively, the king inherited these two private holdings from his mother, Queen Elizabeth II, and their contribution to his overall fortune has long been a source of speculation.
These are in addition to private savings, as well as art, jewelry and stamp collections-the latter estimated to be worth over £100 million ($133 million) in 2023.
An analysis by The Guardian placed Charles' total net worth at around £1.8 billion that year, thanks to these assets, a car collection, gifts and investments, among many other things. However, a spokesperson for the King at the time called this a "creative mix of speculation, assumption and inaccuracy."
And while Buckingham Palace previously maintained that Charles' finances were a private matter, the King has now chosen to disclose details on these, which will be released on Thursday, per the BBC.
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This story was originally published June 21, 2026 at 7:57 AM.