Charles III, the first British sovereign to make public the amount of his taxes on his private income, has paid more than 30 million pounds (32 million francs) since his accession to the throne in early September 2022, Buckingham Palace said on Thursday.
This unprecedented announcement is part of the Royal Household’s commitment to transparency, the palace said in a statement.
His son William, heir to the British throne, has paid him more than 20 million pounds in taxes since the same date, when he became Prince of Wales, according to figures also revealed on Thursday.
Since 1993, following a practice introduced during the reign of Elizabeth II, the British sovereign has paid taxes on his private income, even if he is not legally required to do so.
The finances of the royal family are the subject of increasing attention from the British, especially since the repeated scandals which involved the former Prince Andrew, younger brother of Charles III.
Vast Duchy of Lancaster
“The amount of taxes payable by Her Majesty since her accession to the throne exceeds £30 million,” including £11.7 million for the 2023-2024 tax year and £12.9 million for 2024-2025, according to the palace statement.
Among the assets affected by these taxes is the vast Duchy of Lancaster, the king’s domain which represents his main source of private income.
Over the 2024-2025 financial year, Charles III received 26.8 million pounds (more than 31 million euros) thanks to this duchy. The latter generates income through the rental of agricultural land and the management of commercial and residential real estate, in particular.
As for William, he benefits from a similar arrangement with his Duchy of Cornwall.
It paid 8.34 million pounds for the 2023-2024 tax year and 7.76 million pounds for 2024-2025, according to figures released on Thursday.
This is the first time that the taxes paid by the crown prince have been revealed, although his father used to make this amount public when he himself was Prince of Wales.
“Royal finances can sometimes seem complex,” admitted James Chalmers, the manager of the “Privy Purse” – the sovereign’s private finances –, quoted in the palace press release.
The system is “structured by law and refined over time to enable the monarch to carry out his duties with independence, accountability and in the long-term interests of the nation,” he added.
