Buckingham Palace revealed on Thursday that the King paid £12.9 million (€15 million) in taxes for the 2024–2025 fiscal year, breaking a long-standing custom of royal financial secrecy. This is the first time such a figure has been made public.
The King is not legally required to pay much of this tax at all, which is what makes the figures odd. Due to a 1993 agreement, British monarchs are not subject to income tax, capital gains tax, or, most importantly, inheritance tax on property transferred from one royal to the next. Instead, King Charles III follows in the footsteps of his late mother, Queen Elizabeth II, by willingly paying income and capital gains tax.
The Duchy of Lancaster, a centuries-old estate of farmland and commercial property valued at hundreds of millions of pounds, provides the majority of the King’s private income. Last year, it brought in about £25 million (€29 million).
His personal investments and private estates at Sandringham and Balmoral provide additional revenue.Following the scandal involving the King’s brother, Andrew Mountbatten-Windsor, the former Prince Andrew, who is being investigated by the police for allegedly having a relationship with the late sex offender Jeffrey Epstein, the royal family has come under increasing pressure to reveal its financial situation.
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