Now we know how much tax King Charles pays, and it is very little
Summary
King Charles’s tax payment was revealed for the first time, showing he will pay £12.9 million in taxes for 2024-25, and a total of £30 million since becoming king. However, details about his total income and assets are limited, and his tax bill is low compared to other wealthy individuals.Key Facts
- King Charles voluntarily began paying taxes in 1993, although monarchs are not required to pay tax.
- His tax payment for 2024-25 is £12.9 million, slightly less than the previous year.
- Since becoming king, he has paid about £30 million in taxes.
- The king’s private wealth, called the privy purse, is estimated at least £1.8 billion.
- The Duchy of Lancaster, part of his wealth, is a £690 million property portfolio that generates about £25 million a year.
- Unlike regular income, the Duchy’s gains on property sales and rental income are not taxed.
- Other wealthy individuals with similar or smaller fortunes pay much higher taxes; for example, a hedge fund owner worth £1.8 billion pays £114 million in tax.
- The palace says the king pays capital gains tax on private wealth and that accounts are audited, but no full public disclosure exists.
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