King Charles Reveals His $40M Tax Bill Since Becoming King
Summary
King Charles III has paid over $40 million in taxes since becoming king in September 2022, a first for a British monarch to disclose such information. The Sovereign Grant, public funding for the monarchy, will be reduced from 2027 to 2032 after a period of increased funding for Buckingham Palace renovations.Key Facts
- King Charles III paid £11.7 million (around $15 million) in taxes in 2023-24 and £12.9 million (about $17 million) in 2024-25.
- Since his accession in September 2022 until March 2023, he paid more than £5.4 million in taxes.
- The tax amount increased by about 10.3%, higher than the UK average wage growth of 3.4%.
- The tax payments come from his income including the Duchy of Lancaster estate, Balmoral, Sandringham, and investments.
- The monarchy’s public funding (Sovereign Grant) rose to £137.9 million (about $180 million) for 2026-27, up from £132.1 million in 2025-26.
- From 2027 to 2032, the Sovereign Grant will be cut to £99.9 million annually after palace refurbishment ends.
- King Charles III and Queen Camilla will not live in Buckingham Palace after renovations, choosing to stay at Clarence House.
- The palace disclosed these details amid growing calls for more financial transparency of the royal family, partly due to scandals involving other royals.
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